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, an attorney should be consulted if anyone is unclear about any portion of the operating agreement.

L3C Simplified  Operating Agreement by Americans for Community Development

By Robert Lang (Linkedin Discussion Group)

Posted in: Low Profit Limited Liability Company (L3C)