Low-profit limited liability company

A low-profit limited liability company (L3C) is a kind of company that is designed to focus on achieving a social mission, such as providing needed services or creating jobs in a community, rather than just making money. Like other limited liability companies, an L3C protects its owners from being personally responsible for the company's debts. This means that if the company has trouble making money and owes money, the owners will not have to use their own money to pay it back. An L3C is different from other companies because it is allowed to make a small profit, but it must be mainly focused on achieving a social mission, not making money.