The ‘First Vermont L3C Bank’ [F.V.L.B.], registered under A.C.C.L3C #0310557, using TD-Bank Business Account #5241914868, will offer a flat 3.14% across the board for bank services; deposits, loans, savings, mortgages, pier to pier transactions, credit and debit cards, secured loans up to 275,000$ [without further licensing], make a profit, pay dividends and taxes, and accept individual, state, federal, and foundation PRI grant funding. A Profit-Optional L3c can do everything a Non-Profit 501c3 can do, EXCEPT give a Federal Tax Deductible Receipt for donations), leveling that economic playing field at 3.14% across the board to Set The Standard by which to address and stabilize Vermont's questionable economic banking forecast.
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The following paragraphs are interpreted from a 'National Commonwealth Group' document.
The solution to our international economic stability is to use L3Cs as the legal vehicle for ownership of public banks, as detailed in the articles Public Banking – 'A Tool For Fixing The Economy And The Means to Achieve It' and 'A Common Bank Holding Company For States, Counties & Cities: A Solution for Our Economic Problems'. Banks formed and operated under an individually owned Profit-Optional L3C Corporate structure would be required to serve the public need over private interests and the L3C provides us with the only viable vehicle for such a public/private partnership.
The L3C vehicle also provides a flexible investment option making it easy to blend the interests of governments, foundations, non-profits, unions, pension funds, private equity funds, private banks and the other players who might have a vested interest in a 'public' banking organization. Furthermore, the following paragraph seems to play into the mission of the 'Vermont Territory Reclamation Authority':
Such banks could prioritize societal needs and not be constrained to only making the maximum amount of profit. For example, conventional private banks are dis-incentivized from negotiating with homeowners who are having difficulty making their mortgage payments. The resulting foreclosures are not good for the homeowner, the bank or the community. Because of their larger social mission, public banks would be motivated to find ways to keep homeowners in their homes. And given sufficient public bank assets that could support rewriting these kinds of loans, public banks would be in a better position to do so than private banks.
These public banks could also prioritize such things as the greening of their local economies and provide credit for a wide range of green products and services, including wind, tidal and solar systems (from residences to large energy farms); energy efficiency and conservation in homes, businesses, schools and public buildings; and green mass transit systems, etc. Other priorities can include low-cost housing, student loans, farm loans, business loans to startup companies and others who will create jobs and other socially beneficial loans that are off the radar screen of private banking interests.
Public banks could also be used to help ailing community banks that serve vital roles in their local communities. Those banks focus on conventional, local loans. If those community banks stop lending, the local economy suffers. So the public banks can not only provide lending in areas not normally served by those banks, but they can also help those banks in such a way that the broader needs of the community are being served and the local economy is revitalized.
The National L3c Registry {T.N.L.R.}
The future Go-To Web Page for a Worldwide Listing of Green L3c Corporations.
< Link> L3c Registration and Information
Anyone Anywhere World Wide can register your very own Vermont L3c Business Entity for less than $300. Here is a general guide for Registration Requirements....
-A name for your business entity, including any alternate names if the desired name is unavailable.
-A physical address for your business.
-An email address for your business to which you have regular access.
-An optional mailing address for your business (if you use a P.O. box, this is where you would list it).
-The name and street address of a registered agent located in Vermont.
-Names of officers or directors, if applicable.
-Payment of the required fee by credit card or e-check/ACH.
Once you have prepared the required information, you can create your very own Vermont L3c entity in a few easy steps:
<Link> Log into the Vermont Online Business Service Center. Follow the online prompts and enter the required information.
Once your online registration is completed, if the name is available, you will receive your Certificate of Incorporation by email within three to five business days. If the name conflicts with an existing name, or if the name is not available, you will be notified by email within two business days and given the opportunity to choose a different name.
Every Vermont business must have a registered agent. This can be any Vermont resident, 18 years or older, with a valid street address to receive notices and service of process on your behalf. This can be anyone, including your attorney, accountant, a neighbor, or even yourself as the business owner—but you must provide a valid Vermont street address.
R.E. Pierce
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