This paper is not a scientifically valid survey of L3Cs. It is based on qualitative, anecdotal research only. It is not a quantitative analysis and should not substitute for such data. This paper is also not a technical paper or persuasive paper advocating for the L3C. Several individuals who have been entrenched in this movement for many years have articulated the technical merits and flaws very clearly. (For suggestions on detailed legal and technical analysis of the L3C, see Appendix B.) This paper also focuses mostly on L3C entrepreneurs, not its detractors. While several flaws, challenges, issues and concerns over the L3C are raised in this paper, we did not speak to those who have spoken out against the L3C.