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Jim Miller
Cecilia, KY
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Jim commented on the article |NEW BREAK-THROUGH FOR START-UP LOANS AND EQUITY INVESTMENTS
A new form of company and a change in IRS regulations will likely open up funding for business start-ups and grow-ups. The type of legal entity is called a "L3C" which is a limited liability company or LLC. They are also called, "social benefit entrepreneurial enterprises" (SBEE). Thus far, Vermont and Michigan have adopted laws which permit the formation of the L3C and similar legislation is pending in several other states as bi-partisan measures. The key is that the L3C is formed for the purpose of social benefits - defined by 501.c.3 laws. Profit cannot be the main purpose, but the law does not prohibit profit distribution to the members of the LLC (which for tax purposes is usually treated as a business partnership).
The key result of achieving this status is that 501.c.3's are permitted to invest or loan funds to the L3Cs. The catch is that a prudent donor will want a "private letter" issued by the IRS which recognizes the LLC as a L3C entity. These letters are expensive and time consuming to get. However, there is legislation pending in Congress which changes the method of qualifying. A special unit of IRS will be set-up to deal with these types of qualifications (not the IRS attorneys). Generally a form, correctly filled in, will be submitted to the new unit which will basically rubber stamp its approval, putting the L3C in the proper slot to receive funds from 501.c.3s.
To find our more about SBEE L3Cs, please visit Wikipedia.org, at: http://en.wikipedia.org/wiki/Social_entrepreneurship, or Google "social benefit entrepreneurial enterprise". See Social Velocity at: http://www.socialvelocity.net/2009/02/changing-nonprofit-finance-the-other-side-of-the-story/ A great talk on the subject by Mark Lane, a tax attorney, entitled, [Introducing L3C - Part 1] L3Cs: Social Enterprise's Powerful, New Capital Formation Tool, starts on Youtube at: http://www.youtube.com/watch?v=AZ9uQmVvtjA . Don't miss the question and answer parts.
There are several financial institutions which have adopted the B corporation ethics: http://www.bcorporation.net/community/financial
Jim Miller
jimmiller5417@yahoo.com
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Jim commented on the article |We need a social benefit investment exchange where social benefit investors and social benefit entrepreneurial enterprises (SBEE) can meet online, exchange information and eventually deal directly as to investments. I'm on track to create such an exchange, originally named "Social Benefit Investment Exchange" http://sbic.wetpaint.com. I'll change it to "Small Business Investment Exchange" in the coming weeks. In order to be listed, the SBEEies must have four bottom lines: People, Planet, Profit and Principles.
The software platform to be used by the ISP who will host the virtual exchange will be running LINUX with an Apache DB server. The candidate applications are: Personal Brain by www.thebrain.com for the front office, MindTouch.com's Deki wiki for the middleware (an HTML Wiki), and AskSAM for the DB or back office. I've used Personal Brain to mind-map the front office and need to finish it before I can publish it. My intent is to open source my work which will require the Enterprise Editions of Personal Brain ($25,000) and the Enterprise Edition of MindTouch Deki ($27,000). MindTouch has written many API's, mostly for MS Office. So there will be fees to write API's for PB and AskSAM. A RPF is pending at MindTouch (Tim O'Brian, Sales Manager) for the consulting fees. Both PB and Deki have very good video clips which one should watch to get the hang of how the sofware can be applied to the Small Business Investment Exchange.
If you are interested in either the business side or the IT side of the SBIE, please send me an email and tell me what contributions you would like to make. Your reward will be a listing on the patents as one of the contribuors. The final product will be licensed under either GNU or Creative Commons.
Jim Miller
jimmiller5417@yahoo.com
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Jim commented on the article |
We need a social benefit investment exchange where social benefit investors and social benefit entrepreneurial enterprises (SBEE) can meet online, exchange information and eventually deal directly as to investments. I'm on track to create such an exchange, originally named "Social Benefit Investment Exchange" http://sbic.wetpaint.com. I'll change it to "Small Business Investment Exchange" in the coming weeks. In order to be listed, the SBEEies must have four bottom lines: People, Planet, Profit and Principles.
The software platform to be used by the ISP who will host the virtual exchange will be running LINUX with an Apache DB server. The candidate applications are: Personal Brain by www.thebrain.com for the front office, MindTouch.com's Deki wiki for the middleware (an HTML Wiki), and AskSAM for the DB or back office. I've used Personal Brain to mind-map the front office and need to finish it before I can publish it. My intent is to open source my work which will require the Enterprise Editions of Personal Brain ($25,000) and the Enterprise Edition of MindTouch Deki ($27,000). MindTouch has written many API's, mostly for MS Office. So there will be fees to write API's for PB and AskSAM. A RPF is pending at MindTouch (Tim O'Brian, Sales Manager) for the consulting fees. Both PB and Deki have very good video clips which one should watch to get the hang of how the sofware can be applied to the Small Business Investment Exchange.
If you are interested in either the business side or the IT side of the SBIE, please send me an email and tell me what contributions you would like to make. Your reward will be a listing on the patents as one of the contribuors. The final product will be licensed under either GNU or Creative Commons.
Jim Miller
jimmiller5417@yahoo.com
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