Illinois: Low-Profit Limited Liability Companies – What You Need to Know

By |2021-01-28T21:00:17-06:00September 4th, 2011|Blog, Business Structure|

Recently, Illinois became one of the states to permit formation of low-profit limited liability companies (often called “L3Cs”), by adopting 805 ILCS 180/1-26, as added by P.A. 96-126 (the “Act”).  The main advantages of L3Cs are their tax treatment and flexibility generally associated with the limited liability companies.  Unlike traditional not-for-profit entities, L3Cs do not [...]