Re:grant monies - L3C Low Income LLC (1 viewing) (1) Guest
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TOPIC: Re:grant monies - L3C Low Income LLC
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Micky B (User)
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Re:grant monies - L3C Low Income LLC 1 Year, 11 Months ago
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Ok, thats helpful. I'll check the statue for the operative language. I appreciate your direction.
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jano (Moderator)
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Re:grant monies - L3C Low Income LLC 1 Year, 11 Months ago
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Make sure that the primary purpose of the L3C as stated on the articles is not to earn a profit, but to achieve a socially beneficial objective, with profit a secondary goal. In addition, in Michigan, the L3C must be organized and operated at all times to satisfy the following requirements:
1. The company must “significantly further the accomplishment of one or more charitable or educational purposes,” and would not have been formed but for its relationship to the accomplishment of such purpose(s);
2. "No significant purpose of the company is the production of income or the appreciation of property” (though the company is permitted to earn a profit); and
3. The company must not be organized “to accomplish any political or legislative purposes.”
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