This paper, presented in partial fulfillment of the requirements for the degree of Master of Business Administration/Master of Fine Arts in Theatre Management, examines the Low-Profit Limited Liability Company (L³C) and its possible applications to the theatre industry. This paper offers a brief overview of the historical and current theatre industry and the conditions that led to the formation of the L³C. It makes specific recommendations for the use of this new structure as an alternative to both the producing partnerships utilized on Broadway and the not-for-profit 501(c)(3) structure utilized by regional theatre companies. It also makes recommendations for the implementation of a subsidiary L³C for California Repertory Company (Cal Rep), the graduate producing arm of the Theatre Department at California State University, Long Beach, in order to more fully challenge its student/artists.