Complex sentence: The League for Industrial Democracy (LID), formerly the Intercollegiate Socialist Society, came into being in 1921 when members decided it was time to change the group's name to become more inclusive, but also to reflect a new organizational perspective.
Split into simpler sentences: The League for Industrial Democracy (LID) was founded by as a successor to the Intercollegiate Socialist Society in 1921. Members decided to change the group's name to become more inclusive to reI and more organizational perspective.