NC S308

Authorizes formation of low-profit limited liability companies (L3Cs) in North Carolina that operate for both business and charitable purposes.

Requires L3Cs to accomplish one or more charitable or educational purposes as defined in Section 170(c)(2)(B) of the Internal Revenue Code and operate so that no significant purpose is income production or property appreciation.

Prohibits L3Cs from having any purpose of accomplishing political or legislative purposes as defined in Section 170(c)(2)(D) of the Internal Revenue Code.

Requires L3C articles of organization to include a statement that the company meets the charitable purpose requirements and mandates L3C names contain "low-profit limited liability company" or the abbreviation "L3C".

Designates L3Cs as for-profit entities for all tax purposes despite their dual charitable purpose, and provides that failure to meet requirements does not affect the company's status as a limited liability company.