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The L3C: A Potentially Useful Tool for Promoting Charitable Purposes

Proper adoption and use of the L3C as legislation and a form of choice in the right circumstances depend on appropriate understanding of its features. Unfortunately but not surprisingly given the newness of the form, misunderstanding of certain of the L3C’s core features has inhibited its broader adoption and use. This essay is an attempt, within limited space, to present certain of those features and in doing so address some criticisms and correct some misapplications. To that end, we first present the essential framework of the L3C and explain two of its critical characteristics. We then consider the effect of success and converting to for profit status, the L3C’s innovation in fiduciary duties and enforcement, and how foundations may (but need not) be part of this new form.