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http://ssrn.com/abstract=1755283
 
 

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The L3C Illusion: Why Low-Profit Limited Liability Companies Will Not Stimulate Socially Optimal Private Foundation Investment in Entrepreneurial Ventures


J. William Callison


Faegre Baker Daniels LLP

Allan Vestal


Drake University Law School

September 1, 2010

Drake University Law School Research Paper No. 11-07
Vermont Law Review, Vol. 35, p. 273, 2010

Abstract:     
This paper considers low-profit limited liability companies (L3Cs). It determines that the L3C status provides no advantages regarding two of the stated reasons for the concept, namely enabling foundations to make program related investments and providing clearer fiduciary duty/governance rules, and concludes that the L3C form has little or no value and should be abandoned.

Number of Pages in PDF File: 23

Keywords: limited liability company, low-profit limited liability company, program related investment, L3C

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Date posted: February 4, 2011 ; Last revised: October 21, 2011

Suggested Citation

Callison, J. William and Vestal, Allan, The L3C Illusion: Why Low-Profit Limited Liability Companies Will Not Stimulate Socially Optimal Private Foundation Investment in Entrepreneurial Ventures (September 1, 2010). Drake University Law School Research Paper No. 11-07; Vermont Law Review, Vol. 35, p. 273, 2010. Available at SSRN: http://ssrn.com/abstract=1755283

Contact Information

J. William Callison (Contact Author)
Faegre Baker Daniels LLP ( email )
1700 Lincoln St. #3200
Denver, CO 80203
United States
Allan Vestal
Drake University Law School ( email )
27th & Carpenter Sts.
Des Moines, IA 50311
United States
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