Title 48, Title 48: Unincorporated Business Entity Act

48-4-105. Benefit company name. (1) The name of a benefit company may contain the words "benefit limited liability company," "benefit limited company," or "benefit company" or the abbreviation "B.L.L.C.," "BLLC," "B.L.C.," or "BLC." "Limited" may be abbreviated as "Ltd.," and "co…

48-4-201. Company purpose. (1) In addition to the benefit company's purpose under Section, a benefit company shall have a purpose of creating general public benefit. 48-3a-104 (2) A benefit company's certificate of organization may identify one or more specific public benefits th…

48-4-301. Standard of conduct for members. (1) When discharging a duty under this chapter, each member of a member-managed benefit company: shall consider the effect of any action or inaction on: the members of the benefit company; the employees and workforce of the benefit compa…

48-4-302. Standard of conduct for managers and officers. (1) Each manager of a manager-managed benefit company shall consider the interests and factors described in Subsectionsandwhen discharging the manager's duties under this chapter and the operating agreement. 48-4-301(1) (2)…

48-4-303. Right of action. (1) Except in a benefit enforcement proceeding, a person may not bring an action or assert a claim against a benefit company or a benefit company's member, manager, or officer with respect to: failure to pursue or create general public benefit or a spec…

48-4-401. Annual benefit report. (1) A benefit company shall prepare an annual benefit report that includes: a narrative description of: the ways in which the benefit company pursued the benefit company's general public benefit purpose during the year and the extent to which gene…

48-4-402. Availability of annual benefit report. (1) Each year, a benefit company shall send the benefit report described in Sectionto each member: 48-4-401 within 120 days after the day on which the benefit company's fiscal year ends; or the day on which the benefit company deli…