§ 4A–1201
Statutes in effect as of October 1, 2026.
Md. Code Ann., Corps. & Ass'ns § 4A-1201 (2026)
Title 4A. Limited Liability Company Act
Subtitle 12. Benefit Limited Liability Companies
§ 4A–1201LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Benefit limited liability company” means a Maryland limited liability company that elects to be a benefit limited liability company in accordance with § 4A–1203 of this subtitle and has not ceased to be a benefit limited liability company through the operation of § 4A–1205 of this subtitle.
(c)
“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” 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” 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.