Senator Sean Wiley and Gannon University Discuss New Legislation in Pennsylvania
Posted: December 4, 2013
Gannon University is hosting a presentation on L3C legislation
in Pennsylvania to Senator Sean Wiley. On December 5 at 12
p.m., students from Gannon's Business Policy class, taught by Bruce
Kibler, Ph.D, will share their findings from their class project in
which they researched existing legislation and business models in
order to construct proper legislation for Pennsylvania and apply it
to an existing business model in the Erie community. The
presentation is part of an ongoing effort by Senator Wiley's team
to establish legislation for that particular business model in the state.
The L3C, or Low-Profit Limited Liability Company, is a new type
of corporate designation that is a cross between a nonprofit and a
for-profit corporation. The L3C was first established in Vermont in
May 2008 with the intent of creating a business model that builds
upon the existing limited liability corporation (LLC) structure
while also supporting a charitable cause. Currently, there are nine states with active L3C legislation and 26 states with pending
legislation across the country, including Pennsylvania.
The presentation will be held at Gannon University's Palumbo
Academic Center in Room 1200. In attendance will be Senator Wiley, and members of his staff, director of community affairs Laura Guncheon and chief of staff
Anthony Angelone, along with Kibler, Dahlkemper School of Business
students and faculty.