The Vermont Legislature has passed a bill that ensures they will be recognized. Lobbyists and other supporters are confident that similar will take place in states across the US, as well as on the European Union level, and beyond. They are called Socially Responsible Limited Liability Companies, and if I told you I fully understood how they work, I would be lying.
However in every analysis and in between all the fine print, what I do understand is that the purpose of having such legislation on L3C’s is to help clear the way for more community minded, people centered investment from diverse areas of civil society. That means not just corporations, but also foundations, non-governmental organizations, and more. An investment goal that sounds like something the world could definitely use more of.
Below I’m slidesharing a presentation from Americans for Community Development, no need to download anything, just click through the slides and learn more about L3C’s: