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- Title
THE L3C ILLUSION: WHY LOW-PROFIT LIMITED LIABILITY COMPANIES WILL NOT STIMULATE SOCIALLY OPTIMAL PRIVATE FOUNDATION IN VESTMENT IN ENTREPRENEURIAL VENTURES.
- Authors
Callison, J. William; Vestal, Alla W.
- Abstract
The article discusses the possible reasons on why low-profit limited liability companies (L3Cs) will not stimulate the socially private foundation investment in entrepreneurial ventures in the U.S. It notes that the L3C promoters had lobbied the Congress for a substantive amendment to the program-related investment (PRI) provisions of the Internal Revenue Code (IRC) in order to facilitate the increased private foundation investment in L3C enterprises. It adds that the promoters had pushed state legislatures to establish the L3C form in their existing statutes of limited liability company (LLC).
- Subjects
UNITED States; PRIVATE companies; UNITED States. Congress; LEGISLATIVE amendments; PROGRAM-related investments of endowments; JOINT ventures; ENTREPRENEURSHIP; UNITED States. Internal Revenue Code; LEGISLATIVE bodies
- Publication
Vermont Law Review, 2010, Vol 35, Issue 1, p273
- ISSN
0145-2908
- Publication type
Article