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A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation . [ 1 ]
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A low-profit limited liability company (L3C) is a legal form of business entity in the United States. [1] Commonly referred to as a hybrid structure, it has characteristics of both for-profit and non-profit entities. [ 1 ]
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In order to qualify for the Chapter 61 program, a parcel of real property must be at least 10 acres (40,000 m 2) contiguous and under the same ownership.Prior to approval, the landowner must establish a forest management plan for the affected property and have it approved by a state certified forester.
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