How Newman's Own Got A New Life

Law360 (February 28, 2018, 12:31 PM EST) -- On Feb. 9, 2018, President Donald Trump signed into law the Philanthropic Enterprise Act of 2017, as part of the Bipartisan Budget Act of 2018. The new law allows private foundations to own 100 percent of a business under certain conditions. The bill was championed by Newman’s Own Foundation, which owns 100 percent of No Limit LLC, the for-profit company that produces and sells the Newman’s Own-branded line of food products. The new law allows the foundation to maintain 100 percent ownership of No Limit, assuring...
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