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The Viability of the Low-Profit Limited Liability Company: What it Will Take for the L3C to Become Social Entrepreneurship's Next Big Thing

Shirkman, Jordan
http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1307885423

Abstract Details

2011, Bachelor of Business Administration (BBA), Ohio University, Business Administration.
The low-profit limited liability company (L3C) has emerged as a result of the growing fourth sector of the American economy. As social entrepreneurship grows and a desire for businesses to make a social impact along with profits continues, some believe the solution is a “for-profit business with a non-profit soul” as the L3C creator Robert Lang has dubbed the new legal entity. L3C legislation has been ratified in eight states, starting with Vermont. Due to the ambiguity and newness of the L3C, there are a number of unanswered questions about the legal status, from funding to branding. Debates have swirled about the legitimacy and necessity of the L3C status since its inception. This paper attempts to answer the question of what must change for L3Cs to become the legal option of choice for social enterprise. By conducting phone interviews with founders and managers of 16 Vermont-established L3Cs and asking questions about the hurdles, hardships and happenings of L3Cs, this paper concludes L3Cs should take advantage of their branding platform to advance as the legal status of choice for social business, and that L3Cs must individually pursue foundations with nearly identical social missions if they hope to acquire program related investments. Using qualitative-interpretivist exploratory interviewing methodology, this is one of the first qualitative research studies on low-profit limited liability companies.
Justin L. Davis, PhD (Advisor)
57 p.
Entrepreneurship
L3C; low-profit limited liability company; social entrepreneurship; fourth sector; Vermont; qualitative interviews

Recommended Citations

Citations

  • Shirkman, J. (2011). The Viability of the Low-Profit Limited Liability Company: What it Will Take for the L3C to Become Social Entrepreneurship's Next Big Thing [Undergraduate thesis, Ohio University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1307885423

    APA Style (7th edition)

  • Shirkman, Jordan. The Viability of the Low-Profit Limited Liability Company: What it Will Take for the L3C to Become Social Entrepreneurship's Next Big Thing. 2011. Ohio University, Undergraduate thesis. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1307885423.

    MLA Style (8th edition)

  • Shirkman, Jordan. "The Viability of the Low-Profit Limited Liability Company: What it Will Take for the L3C to Become Social Entrepreneurship's Next Big Thing." Undergraduate thesis, Ohio University, 2011. http://rave.ohiolink.edu/etdc/view?acc_num=ouhonors1307885423

    Chicago Manual of Style (17th edition)

ouhonors1307885423
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© 2011, all rights reserved.
This open access ETD is published by Ohio University Honors Tutorial College and OhioLINK.