Asked by Paola Davis on Jun 11, 2024
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A for-profit company with a socially beneficial purpose as its primary objective is called a low-profit limited liability company (L3C).
Low-profit Limited Liability Company
A classification of LLC that combines the legal and tax flexibility of a traditional LLC, the social benefits of a nonprofit organization, and a commitment to limited profit distribution.
Socially Beneficial
Refers to actions, policies, or practices that have a positive impact on society or the community as a whole.
- Recognize the concept and operational framework of low-profit limited liability companies (L3Cs) and limited liability partnerships (LLPs).
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Learning Objectives
- Recognize the concept and operational framework of low-profit limited liability companies (L3Cs) and limited liability partnerships (LLPs).
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