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§ 4A-1208. Annual reporting requirements

West's Annotated Code of MarylandCorporations and AssociationsEffective: October 1, 2013

West's Annotated Code of Maryland
Corporations and Associations
Title 4a. Limited Liability Company Act (Refs & Annos)
Subtitle 12. Benefit Limited Liability Companies (Refs & Annos)
Effective: October 1, 2013
MD Code, Corporations and Associations, § 4A-1208
Formerly cited as MD Code, Corporations and Associations, § 4A-1108
§ 4A-1208. Annual reporting requirements
Currentness
Requirements
(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.
Time of delivery
(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.
Posting on public website
(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.

Credits

Added as Corporations and Associations § 4A-1108 by Acts 2011, c. 500, § 2, eff. June 1, 2011; Acts 2011, c. 501, § 2, eff. June 1, 2011. Renumbered as Corporations and Associations § 4A-1208 by Acts 2013, c. 527, § 1, eff. Oct. 1, 2013; Acts 2013, c. 528, § 1, eff. Oct. 1, 2013.
MD Code, Corporations and Associations, § 4A-1208, MD CORP & ASSNS § 4A-1208
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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