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- Title
NEGATING THE LEGAL PROBLEM OF HAVING "TWO MASTERS": A FRAMEWORK FOR L3C FIDUCIARY DUTIES AND ACCOUNTABILITY.
- Authors
Tyler, John
- Abstract
The article provides a framework for the fiduciary duties and enforcement of low-profit limited liability company (L3C) in the U.S. It notes that L3C is a new business form that unites in one enterprise and adapts standards from the law applied to private foundations called program related investments (PRI) which incorporates both distributable profits and charitable exempt purposes. It offers the description of L3C and its relevant characteristics, underlying fiduciary duty contexts and principles and defines L3C fiduciary duties.
- Subjects
UNITED States; FIDUCIARY responsibility; PRIVATE companies; PROGRAM-related investments of endowments; CORPORATE profits; CHARITABLE giving; COMMERCIAL law; LIMITED liability; FIDUCIARY liability
- Publication
Vermont Law Review, 2010, Vol 35, Issue 1, p117
- ISSN
0145-2908
- Publication type
Article