Section 4A-1206 – Purpose of Creating General or Specific Public Benefit
(a) (1) Each benefit limited liability company shall have the purpose of creating a general public benefit. (2) The purpose described in paragraph (1) of this subsection is in addition to, and may be a limitation on, the purposes of the benefit limited liability company under § 4A–201 of this title. (b) (1) In addition to its purposes under § […]
Section 4A-1207 – Duties of Manager
(a) A person managing the business and affairs of a benefit limited liability company: (1) Shall consider the effects of any action or decision not to act on: (i) The members of the benefit limited liability company; (ii) The employees and workforce of the benefit limited liability company and the subsidiaries and suppliers of the benefit limited liability company; […]
Section 4A-1208 – Annual Benefit Report
(a) A benefit limited liability company shall deliver to each member an annual benefit report including: (1) A description of: (i) The ways in which the benefit limited liability company pursued a general public benefit during the year and the extent to which the general public benefit was created; (ii) The ways in which the benefit limited liability company […]
Section 4A-1301 – Applicability of Provisions to Foreign and Interstate Commerce
The provisions of this title shall apply to commerce with foreign nations and among the several states only as permitted by law.
Section 4A-1302 – Severability
If any provision of this title or its application to any person or circumstance is held invalid, the invalidity does not affect any other provision or application of the title which can be given effect without the invalid provision or application, and to this end the provisions of this title are severable.
Section 4A-1303 – Short Title
This title shall be known and may be cited as the “Maryland Limited Liability Company Act”.
Section 4A-1106 – Completion of Conversion
(a) The conversion of an other entity to a limited liability company shall be completed on the later of: (1) The formation of the limited liability company in accordance with this title; or (2) The effectiveness of articles of conversion filed for record with the Department. (b) The conversion of a limited liability company to an other entity shall […]
Section 4A-1107 – Abandonment of Proposed Conversion
(a) Unless otherwise agreed or the articles of conversion provide otherwise, a proposed conversion of a limited liability company to an other entity may be abandoned before the effective time of the articles of conversion by the vote required under § 4A–403(d)(1) of this title to approve the conversion. (b) Unless the articles of conversion provide otherwise, […]
Section 4A-1201 – Applicability of Provisions to Foreign and Interstate Commerce
(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 […]
Section 4A-1202 – Severability
(a) The provisions of this title apply to benefit limited liability companies except to the extent that: (1) The context of a provision clearly requires otherwise; or (2) A specific provision of this title provides otherwise. (b) This subtitle applies only to a benefit limited liability company. (c) (1) The existence of a provision of this subtitle does not of itself […]