Low-Profit Limited Liability Company [L3c] Law and Legal Definition
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.
Legal Definition list
- Low-Profit Limited Liability Company [L3c]
- Low-Level Residual Fixed Radioactivity [Energy]
- Low-Level Radioactive Waste
- Low-Income Person
- Low-Income Individual
- Low-Quality Asset
- Low-Rise Residential Building
- Lower Courts Law
- Lower Great Lakes
- Lower Pay Band [Administrative Personnel]
- Lowest Achievable Emission Rate
Related Legal Terms
- Absolute Liability
- Accompanying Relative [Immigration]
- Accompanying Spouse and Dependents
- Accompanying the Armed Forces outside the United States
- Accompanying the Federal Government Outside the United States
- Accompanying Visa
- Accountants Professional Liability Insurance
- Accrued Liability
- Affiliate and Associated Company
- Affiliated Company (Gaming Law)
