Here’s an idea for newspaper finance that’s been going around. It’s a new kind of corporation (in the U.S.) that’s a cross between a for-profit company and a nonprofit organization.
Check out this piece.
The L3C is allowed in Vermont and Illinois (where it’s being put to use for a new journalism project), but I don’t know whether Connecticut has such a provision.
Could it be a viable tool for some of the smaller news outlets that have been popping up lately?
Loading ...
You can organize an L3C (low-profit limited liability company – not a corporation) in Vermont, Michigan, Wyoming and Utah today and in Illinois starting January 1, 2010. You can operate an L3C organized in any of those states in Connecticut as the L3C is recognized in all 50 states. This is just like forming a corporation in Delaware or Nevada and operating that corporation in Connecticut.
Please let us know if we can provide further information.
Rick Zwetsch
Principal Partner
interSector Partners, L3C
http://www.interSectorL3C.com/l3c101.html