Sunday, December 20, 2009

SBNR.org Becomes Fifth Company in Michigan to Organize Under the New L3C Status

SBNR.org, the acclimation anatomy for the Spiritual But Not Religious movement, touts its L3C cachet as the band-aid to the absurdity of accomplishing acceptable against accomplishing well.

(Vocus/PRWEB ) May 28, 2009 -- This year Michigan became the additional state, afterward Vermont, to admit a new blazon of business alignment accepted as a low profit, bound accountability company, or L3C. On April 9th, 2009 SBNR.org, the acclimation anatomy of the Spiritual But Not Religious movement, became the fifth aggregation to be accepted L3C cachet in Michigan.

The non-profit archetypal is outdated What is aswell anachronous is the abstraction that a for-profit business should alone actualize abundance for its shareholders. The L3C car is a above footfall advanced in acquainted that businesses can and should actualize amount for all commutual stakeholders - including customers, employees, investors and the broader community. As an L3C we have to put purpose afore profit but we still admiration to allure top aptitude and advance basic through investment - and that can't appear as a non-profit organization. In the past, accomplished business professionals had to accept amid accomplishing acceptable and accomplishing well. The L3C car lets both appear in the aforementioned alignment and that enables us to allure top performers to do this important work It’s accidental that Michigan accustomed the L3C alone months afore we launched SBNR.org Some things are just meant to be. We apperceive there is a foundation out there that not alone understands the ability of PRI but is aswell absolutely accumbent with our mission Our business archetypal has been affirmed by the association and we are accessible to grow. The claiming now is to acquisition a foundation that is accumbent with our cause. That’s if the fun will absolutely begin. The L3C is a acknowledged amalgam of the nonprofit and for-profit authoritative structure. It is a new blazon of LLC (limited accountability company) accurately advised to allure both clandestine investment and altruistic basic into ventures that accommodate a amusing benefit. The L3C differs from a acceptable LLC in that it has an absolute primary accommodating and educational mission and alone a accessory accumulation concern. But, clashing a charity, the L3C is chargeless to deliver after-tax profits.

“The non-profit archetypal is outdated”, says SBNR.org CEO, and Co-Founder, Steve Frazee. “What is aswell anachronous is the abstraction that a for-profit business should alone actualize abundance for its shareholders. The L3C car is a above footfall advanced in acquainted that businesses can and should actualize amount for all commutual stakeholders - including customers, employees, investors and the broader community.”

SBNR.org is a amusing media aggregation that produces and distributes ball and apprenticeship to the Spiritual But Not Religious (SBNR) community. The aggregation estimates that over fifty actor humans in the United States abandoned analyze themselves as Spiritual But Not Religious.

“As an L3C we have to put purpose afore profit”, confirms Founder and absolute airy abecedary Ian Lawton, “but we still admiration to allure top aptitude and advance basic through investment - and that can't appear as a non-profit organization.” The acumen amid accomplishing able-bodied and accomplishing acceptable is a abundant discussed affair a allotment of amusing entrepreneurs. “In the past, accomplished business professionals had to accept amid accomplishing acceptable and accomplishing well. The L3C car lets both appear in the aforementioned alignment and that enables us to allure top performers to do this important work,” says Lawton.

The primary advantage of the L3C is its accomplishment as a Program Related Investment (PRI), an investment with a socially amiable purpose. Foundations can alone anon advance in for-profit ventures able as PRIs by the IRS. Many foundations shy abroad from advance in for-profit ventures due to the ambiguity of whether they would authorize as a PRI. Validating that an investment qualifies as PRI can be able by a Private Letter Ruling from the IRS, but accepting such a letter can be big-ticket and time consuming. An L3C’s operating acceding minimizes this botheration by accurately analogue its PRI-qualified purpose at the time it is accurately formed, authoritative it easier for foundations to analyze social-purpose businesses. By regulation, a foundation have to deliver 5% of its backing anniversary year. PRI funds calculation against the 5% anniversary administration benchmark. Foundations are activity the compression of these boxy bread-and-butter times. PRI distributions accredit foundations to accommodated the 5% aphorism while accepting the abeyant for that money to be repaid with absorption or basic gains. That doesn't appear with grants.

“It’s accidental that Michigan accustomed the L3C alone months afore we launched SBNR.org,” says Lawton, an Australian who currently calls Grand Haven, Michigan home. “Some things are just meant to be.” SBNR.org is gluttonous foundations and clandestine investors to advance in its growth. “We apperceive there is a foundation out there that not alone understands the ability of PRI but is aswell absolutely accumbent with our mission,” says CEO Frazee. “Our business archetypal has been affirmed by the association and we are accessible to grow. The claiming now is to acquisition a foundation that is accumbent with our cause. That’s if the fun will absolutely begin.”

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