{"data":{"id":"us-md/md.-code-corporations-and-associations-4a-1201","jurisdiction":"us-md","citation":"Md. Code, Corporations and Associations § 4A–1201","heading":"","body":"(a) In this subtitle the following words have the meanings indicated.\n(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.\n(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.\n(d) “Specific public benefit” includes:\n(1) Providing individuals or communities with beneficial products or services;\n(2) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;\n(3) Preserving the environment;\n(4) Improving human health;\n(5) Promoting the arts, sciences, or advancement of knowledge;\n(6) Increasing the flow of capital to entities with a public benefit purpose; or\n(7) The accomplishment of any other particular benefit for society or the environment.\n(e) “Third–party standard” means a standard for defining, reporting, and assessing best practices in social and environmental performance that:\n(1) Is developed by a person or entity that is independent of the benefit limited liability company; and\n(2) Is transparent because the following information about the standard is publicly available or accessible:\n(i) The factors considered when measuring the performance of a business;\n(ii) The relative weightings of those factors; and\n(iii) The identity of the persons who developed and control changes to the standard and the process by which those changes were made.","path":["Article - Corporations and Associations"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gca\u0026section=4A-1201","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:43Z","sha256":"66782daa664ec42a7810444e3bb9d337338db7b4d967f180892d2414b07b3ff2","source_id":"us-md","stale":false,"prev":"us-md/md.-code-corporations-and-associations-4a-1107","next":"us-md/md.-code-corporations-and-associations-4a-1202"},"notice":"GroundRules: Original legal text. Not legal advice."}