L3C'S : NOPROFIT FOR PROFIT

As nonprofits brace for the aftershock of state and federal funding cuts (not to mention a shortfall in private donations) there are those who are quietly taking another path out of the rubble. They are the pioneers of a new type of organization, known as an L3C.

It's a hybrid aimed at providing social benefits while keeping an eye on the bottom line. Over 100 have been formed in the six states with laws that allow for their structure. Unlike nonprofits, L3Cs pa...