1. (a) In this subtitle the following words have the meanings indicated.
2. (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.
3. (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.

4. (d) “Specific public benefit” includes:

   1. (1) Providing individuals or communities with beneficial products or services;
   2. (2) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
   3. (3) Preserving the environment;
   4. (4) Improving human health;
   5. (5) Promoting the arts, sciences, or advancement of knowledge;
   6. (6) Increasing the flow of capital to entities with a public benefit purpose; or
   7. (7) The accomplishment of any other particular benefit for society or the environment.

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

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

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

      1. (i) The factors considered when measuring the performance of a business;
      2. (ii) The relative weightings of those factors; and
      3. (iii) The identity of the persons who developed and control changes to the standard and the process by which those changes were made.

Added as Corporations and Associations § 4A-1101 by Acts 2011, c. 500, § 2, eff. June 1, 2011; Acts 2011, c. 501, § 2, eff. June 1, 2011. Amended by Acts 2012, c. 135, § 1, eff. June 1, 2012. Renumbered as Corporations and Associations § 4A-1201 by Acts 2013, c. 527, § 1, eff. Oct. 1, 2013; Acts 2013, c. 528, § 1, eff. Oct. 1, 2013. Amended by Acts 2013, c. 43, § 5.