Nolo's Plain-English Law Dictionary

Low-Profit Limited Liability Company (L3C)

A company organized to perform services or engage in activities that benefit the public. Unlike a nonprofit, an L3C is operated like a regular profit-making business and is allowed to make a profit as a secondary goal. A small but growing number of states -- including Illinois, Michigan, Utah, Vermont, and Wyoming -- have passed legislation allowing L3Cs.
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