Friday, March 27, 2009
Professor Robert Keatinge Posts "LLC's and Nonprofit Organizations - For-Profits, Non-Profits, and Hybrids"
Professor Robert Keatinge (Suffolk and Holland & Hart LLP) posted "LLCs and Nonprofit Organizations -- For-Profits, Non-Profits, and Hybrids" on SSRN's Nonprofit and Philanthropy Law Abstracting Journal, an abstract of his working paper on LLC's and nonprofits. Here is the abstract:
This article deals with the LLC in the context of nonprofit organizations, both as a legal entity in which a nonprofit organization may be a member and as an organization that may, itself, be organized as a nonprofit organization, or a hybrid organization - one that may be organized for a purpose that is neither exclusively for-profit nor exclusively non-profit. Most legal organizations are created pursuant to a state law, referred to in this article as an "organic statute." Unlike partnerships and business corporations under the Model Business Corporation Act, LLCs (and - more recently - limited partnerships) do not need to be organized for profit.