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Maryland Code, Corporations and Associations § 4A-1208

Current as of January 01, 2025 | Updated by Findlaw Staff

(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 pursued any specific public benefit that its articles of organization or operating agreement states is the purpose of the benefit limited liability company to create and the extent to which that specific public benefit was created; and

(iii) Any circumstances that have hindered the creation by the benefit limited liability company of the public benefit; and

(2) An assessment of the societal and environmental performance of the benefit limited liability company prepared in accordance with a third-party standard applied consistently with the prior year's benefit report or accompanied by an explanation of the reasons for any inconsistent application.

(b) The benefit report shall be delivered to each member within 120 days following the end of each fiscal year of the benefit limited liability company.

(c)(1) A benefit limited liability company shall post its most recent benefit report on the public portion of its Web site, if any.

(2) If a benefit limited liability company does not have a public Web site, the benefit limited liability company shall provide a copy of its most recent benefit report on demand and without charge to any person who requests a copy.

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Cite this article: FindLaw.com - Maryland Code, Corporations and Associations § 4A-1208 - last updated January 01, 2025 | https://codes.findlaw.com/md/corporations-and-associations/md-code-corp-and-assns-sect-4a-1208/

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