Our social enterprise clients are committed to the joint purposes of social mission and the generation of revenue; we encourage entrepreneurship and advise our clients to "think private, act public." Once the client has defined a mission and formed a business plan, we help them decide what form of legal entity best meets their needs. The range is from a for-profit, to a hybrid, to a tandem to a nonprofit organization. Beyond the choices of a limited partnership, general partnership and LLP, an S corporation, a C corporation or an LLC, the new social enterprise and green business structures include:
- The Benefit Corporation and the Social Purpose Corporation: These “hybrid entities”, along with the L3C, combine aspects of both for profit and nonprofit needs and investor objectives.
- The L3C: A “low-profit limited liability company,” operates like an LLC with a public benefit purpose and is designed to receive PRIs.
- The B Corp: A certification process that provides a framework for companies wishing to benefit society as well as their shareholders.