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- Title
THE L<sup>3</sup>C, HISTORY, BASIC CONSTRUCT, AND LEGAL FRAMEWORK.
- Authors
Lang, Robert; Minnigh, Elizabeth Carrott
- Abstract
The article discusses the history, basic construct and legal framework of the low-profit limited liability company (L3C) based on the questions and answers from a brief presentation on L3C at the "Vermont Law Review" L3C Symposium on February 18, 2010. One of the authors notes that L3C comes from the basis for the 1969 law that authorized Program-Related Investments (PRIs) in which the economic world is divided into for-profit and nonprofit organizations. The other author states that an investment such as PRI is exempted from excise taxes under the jeopardy investment rules as it enables a private foundation to make an investment in a for-profit entity.
- Subjects
VERMONT; TAXATION of private companies; CONFERENCES &; conventions; NONPROFIT organizations; PROGRAM-related investments of endowments; EXCISE tax; TAX exemption; NONPROFIT sector; LIMITED liability
- Publication
Vermont Law Review, 2010, Vol 35, Issue 1, p15
- ISSN
0145-2908
- Publication type
Article