Operating Agreements for L3Cs

(Excerpt from L3C Discussion) It must be remembered that an L3C is a variant form of an LLC and that an LLC is essentially a partnership with corporate protection. Therefore, within the constraints of the laws of the states within which the organization is organized and or headquartered there may or may not be certain requirements for items that must be included within the operating agreement. It is also important to remember that the operating agreement should clearly state the charitable purposes of the L3C and how they will be executed. A foundation member is apt to want to include assurances that the L3C will stay true to its mission. The number of investment tranches used and the returns indicated in these sample agreements are strictly for illustration purposes only. At all times,...

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Church - Work Word TripUps Create Barriers

Here are some terminology that subtly reveals some pastor's view of the workplace. Really, its a double entendre  "Reach out and redeem your work." Workplace Ministry as an Out Reach. The term outreach implies that any activity the church undertakes is to reach out of it's ideal, cloistered atmosphere, and retrieve people from the workplace, bringing them into the church. While this may be a helpful term to church program developers, to business people it suggests a generation old concept that creates passive Christians in the workplace. It suggests that if you meet someone at work and convince them to go to your church, you...

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Low Profit Limited Liability Company (L3C), a Business as MIssion Start up Solution

There is an emerging company in the US called the Low Profit Limited Liability Company (L3C). I believe that this company structure can resolve the problems we have experienced when investor try to give grant start up money to for profit companies.... Check this out. Lee Royal *************** A low-profit limited liability company (L3C) is a legal form of business entity in the United States that was created to bridge the gap between non-profit and for-profit investing by providing a structure that facilitates investments in socially beneficial, for-profit ventures while simplifying compliance with Internal Revenue Service rules for "Program Related Investments". Contents [hide] 1 Background 2 Legal Structure 3 Capital Structure 4 Tax Implications 5 Advantages 6 Applications 7 Legislation...

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