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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".[1] Contents 1 Concept 2 Legislation 3 See also 4 References 5 External links Concept L3C is a classification of an organization. The organization uses its for-profit efficiencies along with fewer regulations from the IRS to achieve socially beneficial goals.[2] An L3C is a taxed organization that operates with a stated goal of achieving a social goal while making a profit is a secondary goal.[3] Legislation To authorize L3C, legislation must be passed to amend the General Limited Liability Company Act (LLC). Thus far, legislation has been passed in Illinois, Louisiana, Maine, Michigan, North Carolina, Utah, Vermont, and Wyoming. Legislation has also passed in the federal jurisdictions of The Crow Indian Nation of Montana and The Oglala Sioux Tribe. Currently, the Americans for Community Development are seeking sponsorship to pass legislation at federal level.[4] Additionally, legislation has been written in California, Florida, Georgia, Iowa, Minnesota, Nebraska, Ohio, Texas, Washington, and Wisconsin but has not yet been introduced.[4] See also Community interest company (similar legal structure under United Kingdom law) Social entrepreneurship Triple Bottom Line business theory References ^ Witkin, Jim (2009-01-15). "The L3C: A More Creative Capitalism". The Triple Pundit. Retrieved 25 July 2011.  ^ "ACD Concept". Americans for Community Development. Retrieved 25 July 2011.  ^ Zouhali-Worrall, Malika (2010-02-09). "For L3C companies, profit isn't the point". CNN Money. Retrieved 25 July 2011.  ^ a b "ACD Legislation". Americans for Community Development. Retrieved 25 July 2011.  External links Americans for Community Development L3C Tally - list updated weekly - who's organizing L3Cs and where Balancing the Mission Checkbook: Where For-Profit and Nonprofit Meet Legislative text for Vermont House Bill 0775