§ 4A-1206

Maryland § 4A-1206

• Jurisdiction: Maryland
• Article gca: Corporations and Associations
• Title: 4A

Text

(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 § 4A–201 of this title and subsection (a) of this section, the articles of organization or operating agreement of a benefit limited liability company may identify as one of the purposes of the benefit limited liability company the creation of one or more specific public benefits.

(2) The identification in its articles of organization or operating agreement of a specific public benefit purpose under paragraph (1) of this subsection does not limit the obligation of a benefit limited liability company to create a general public benefit.