Is Important Media for-profit?
Important Media is organized as a “Low-profit Limited Liability Company,” or L3C. The primary reason states have started to pass laws enabling this closer-to-nonprofit designation is that it could make L3C’s eligible for investments from big foundations that are looking for venture capital-like returns in order to fund their grantmaking. However, the primary reason we incorporated as an L3C is that it gave us a responsibility to put our mission into our company charter explicitly ahead of the pursuit of profit.
