§ 48-4-201 — Company purpose.

Utah § 48-4-201

• Jurisdiction: Utah
• Title 48: Unincorporated Business Entity Act
• Ch. 48-4: Benefit Limited Liability Company Act
• Part 48-4-2: Company Purposes

Text

(1) In addition to the benefit company's purpose under Section 48-3a-104, a benefit company shall have a purpose of creating general public benefit.
(2) (2)(a) A benefit company's certificate of organization may identify one or more specific public benefits that are the purposes of the benefit company to create.
(2)(b) Identifying a specific public benefit in accordance with Subsection (2)(a) does not affect a benefit company's obligation to create general public benefit in accordance with Subsection (1).
(3) The creation of general public benefit and one or more specific public benefits is in the best interests of the benefit company.
(4) (4)(a) A benefit company may amend the benefit company's certificate or organization to add, amend, or delete a specific public benefit.
(4)(b) An amendment described in Subsection (4)(a) is not effective unless adopted by at least the minimum status vote.

Legislative History

Enacted by Chapter 201, 2018 General Session