The son of the late Max Fisher, Philip Fisher is the vice chairman of the Max M. & Marjorie S. Fisher Family Foundation. A successful investor in his own right, Fisher has played an active role in the Fisher Foundation, an increasingly important philanthropic actor trying to deal with Detroit’s economic crisis—and he has his own low-profit limited liability corporation (L3C). Michigan is one of the first of a quickly growing number of states to authorize L3Cs. Given Michigan’s economic freefall, the state was clearly interested in any innovative approach that might help lift it out of its economic doldrums. It figured the so-called hybrid entity of an L3C, a for-profit company with a social mission, might work.
A New L3C Creates a Fund for Detroit Social Entrepreneurs
