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February 8, 2010; The Rush Limbaugh Show | It is always useful to listen to the “other side.” Actually we don’t listen to Limbaugh, but he showed up on our Google news-watcher with a commentary about L3Cs, low-profit limited liability corporations. For some in the nonprofit sector, L3Cs represent the incursion of the private for-profit sector into competition for charitable resources. For Rush, the rise of the L3C model “is disturbing as all get-out to me because this is the corrupting of the private sector and to change its mission in toto and the left is just running hog wild unchecked over everything.” For L3Cs, profits are secondary to their social mission. What is the social mission of L3Cs according to Rush? “Propagandize the American people in the name of the Obama administration.” By ostensibly reducing the primary of the profit margin, L3Cs exist “to pervert capitalism.” In our estimation, this attack by Limbaugh (including criticism of the organic milk producers in Maine who have created an L3C called MooMilk) constitutes a boost to the credibility of L3Cs.—Rick Cohen
