Low-Profit Limited Liability Company

A Low-Profit Limited Liability Company (L3C) shall significantly further the accomplishment of one or more charitable or educational purposes within the meaning of Section 170(c)(2)(B), Internal Revenue Code; shall demonstrate that it would not be formed but for the company's relationship to the accomplishment of a charitable or educational purpose; subject to Subsection (3), may not have as a significant purpose the production of income or the appreciation of property; and may not have as a purpose to accomplish one or more political or legislative purposes within the meaning of Section 170(c)(2)(D), Internal Revenue Code.

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