A term to know.
A form of limited liability company created under specific enabling legislation of various states. This entity does not have the production of income or the appreciation of property as a "substantial" purpose, but is instead engaged in furthering one or more charitable or educational purposes. No purpose of the L3C may be to further a political or legislative agenda. Eight states have enacted legislation as of March, 2010, closely tracking a model statute first enacted in Vermont, with legislation pending in ten other states.