We are now an L3C!
It took 3 months to be approved, but we are STOKED to announce that Oh + August is now an L3C! We went from LLC to L3C and were approved on March 4th, 2019 by the state of Illinois for L3C status.
Most of us know what an LLC is (a form of corporation that reduces personal liability at a business), but what is an L3C? Let’s chat.
An L3C is a new form of business called a low profit liability company. It’s kind of like a 501(c)3, but we can have profits. Profits can go back into the business, be distributed to members, or be donated to charitable causes - or all three. In addition, we can operate with much fewer members than what is required to maintain a 501(c)3 non-profit. L3Cs, like 501(c)3s are formed with a charitable mission in mind. In the case of Oh + August, we’re all about supporting unwanted pets and eventually hope to start our own pet rescue.
In addition, L3Cs can legally and fully accept PRIs. PRIs are Program Related Investments - investments made by a private foundation with a socially beneficial purpose that is consistent with and furthers a foundation’s mission. It is very easy for a group or individual to invest in an L3C as opposed to a for-profit venture, because at for-profit ventures, not all investments may qualify as PRIs.
We are SO happy that our status was approved, as this further helps to legitimize Oh + August as we work to further our mission.