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