Illinois Enacts ‘L3C’ Law to Help Social Entrepreneurs
August 13, 2009 | Read Time: 1 minute
The Chicago Tribune reports on a new Illinois law aimed at improving social entrepreneurs’ prospects for finding money by creating a new category of a nonprofit and business hybrid.
The measure, signed last week by Gov. Pat Quinn and set to take effect at the start of 2010, creates a new designation for low-profit, limited-liability companies, or L3C’s — for-profit ventures with a social mission. Such firms would be able to seek capital, with a possibility of returns for investors, rather than depending on grants and donations.
Read a Chronicle article about Vermont, which was the first state to enact an L3C law.
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