Introducing the "L3C" - a new legal category for "low-profit" business (e.g., media)
For those keeping track of such things, take note: Journalism is about to get its first low-profit, limited liability corporation, or L3C.
The new Chicago News Cooperative, unveiled on Thursday by former Chicago Tribune managing editor Jim O’Shea, will begin life as a nonprofit, but will change over to an L3C after Jan. 1, when a new Illinois law takes effect,
via niemanlab.org
Interesting. I wonder if this structure will actually be more complicated than a 501c3 non-profit. Regardless, it's an interesting development for media (and maybe think tanks?).
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