2013 Maryland Code
CORPORATIONS AND ASSOCIATIONS
§ 4A-1101 - Definitions.


MD Corp & Assn Code § 4A-1101 (2013) What's This?

(a) In general. -- In this subtitle the following words have the meanings indicated.

(b) Benefit limited liability company. -- "Benefit limited liability company" means a Maryland limited liability company that elects to be a benefit limited liability company in accordance with § 4A-1103 of this subtitle and has not ceased to be a benefit limited liability company through the operation of § 4A-1105 of this subtitle.

(c) General public benefit. -- "General public benefit" means a material, positive impact on society and the environment, as measured by a third-party standard, through activities that promote a combination of specific public benefits.

(d) Specific public benefit. -- "Specific public benefit" includes:

(1) Providing individuals or communities with beneficial products or services;

(2) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;

(3) Preserving the environment;

(4) Improving human health;

(5) Promoting the arts, sciences, or advancement of knowledge;

(6) Increasing the flow of capital to entities with a public benefit purpose; or

(7) The accomplishment of any other particular benefit for society or the environment.

(e) Third-party standard. -- "Third-party standard" means a standard for defining, reporting, and assessing best practices in social and environmental performance that:

(1) Is developed by a person or entity that is independent of the benefit limited liability company; and

(2) Is transparent because the following information about the standard is publicly available or accessible:

(i) The factors considered when measuring the performance of a business;

(ii) The relative weightings of those factors; and

(iii) The identity of the persons who developed and control changes to the standard and the process by which those changes were made.

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