(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 […]
(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 […]
(a) A limited liability company may elect to be a benefit limited liability company under this subtitle by including in its articles of organization a statement that the limited liability company is a benefit limited liability company. (b) The name of a domestic benefit limited liability company or a foreign benefit limited liability company authorized to transact […]
Clear reference to the fact that a limited liability company is a benefit limited liability company shall appear prominently: (1) At the head of the articles of organization or an amendment to the articles of organization in which the election to be a benefit limited liability company is made; (2) At the head of each subsequent articles […]
A benefit limited liability company may terminate its status as a benefit limited liability company and cease to be subject to this subtitle by amending its articles of organization to delete the statement required under § 4A–1203 of this subtitle that it is a benefit limited liability company.
(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 § […]
(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; […]
(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 […]
