It has come to my attention, through that grapevine known as "the internet", that under discussion in the Maine state legislature is the creation of a legal business entity that is a hybrid between the non-profit and "low profit" organizations. I have not yet been able to locate any specifics about the bill as it would stand in Maine. In North Carolina, it includes small manufacturers, but the usual definition of an LC3 is just a manipulation of the non-profit category so that investors can make a profit. Here is a defintion from The Non-Profit Law Blog "The low-profit, limited liability company, or L3C, is a hybrid of a nonprofit and for-profit organization. More specifically, it is a new type of limited liability company (LLC) designed to attract private investments and philanthropic capital in ventures designed to provide a social benefit. Unlike a standard LLC, the L3C has an explicit primary charitable mission and only a secondary profit concern. But unli...
Examining the Fundamental transformation of the American political system that originated in the political philosophy preserved by Publius in The Federalist Papers. This blog was originally published as Main Street Economy and focused on legislation passed in the state of Maine "inspired" by similar laws passed by other states which collectively constitutes a fundamental transformation of the American political philosophy within state incubators.