§ 5–6C-01
Statutes in effect as of October 1, 2026.
Md. Code Ann., Corps. & Ass'ns § 5-6C-01 (2026)
Title 5. Special Types of Corporations
Subtitle 6C. Benefit Corporations
§ 5–6C-01LinkCopy Citation
(a)
In this subtitle the following words have the meanings indicated.
(b)
“Benefit corporation” means a Maryland corporation that elects to be a benefit corporation in accordance with § 5–6C–03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5–6C–04 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 corporate social and environmental performance that:
(1)
Is developed by a person or entity that is independent of the benefit corporation; 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.