Sep 24, 2026 · ~2 min read
Spaces, Events, Training, Learning, Networks
In Illinois and 5 other States there is a special, rare type of legal business type called the “Low-Profit Corporation”. We are getting started in Hamilton, Ontario in Canada, and there is currently no such option for incorporating. The L3C have been defined as “businesses that prioritize a charitable or educational mission while still allowing owners to earn a profit” and that pretty accurately characterizes what Niagara Assembly is pulling off. We’re setting up the company to be purposeful and profitable, enabling regional ecosystems to evolve and thrive rather than existing as a competitor within them or financially burdening our supporters. We can achieve these goals and pursue our purpose (see: A network that serves a purpose.) without L3C status, but should new options for corporate status emerge, it may offer us strong operational advantages to hit new levels of impact. For example, a bill was tabled in New York in 2013 but did not advance past Senate Committee. As an Ontario and New York focused company, we are legally based in Ontario to begin with and as our activities evolve, we will examine how best to legally create positive economic and social impact in Western New York. However things evolve on those fronts, our business model will stay tightly focused around 5 core pillars.