Benefit limited liability companies; purpose is to create general public benefit. (HB354)

Introduced By

Sen. Jennifer McClellan (D-Richmond)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


Benefit limited liability companies.  Authorizes a Virginia limited liability company to elect to be a benefit limited liability company. A benefit limited liability company is required to have, as one of its purposes, the purpose of creating a general public benefit. In addition, a benefit limited liability company may have the purpose of creating one or more specific public benefits. The measure expands upon legislation enacted in the 2011 Session that gave stock corporations the option to be benefit corporations. Read the Bill »


Bill Has Failed


01/10/2012Prefiled and ordered printed; offered 01/11/12 12100083D
01/10/2012Referred to Committee on Commerce and Labor
01/17/2012Passed by for the day in Commerce and Labor
01/22/2012Impact statement from SCC (HB354)
02/02/2012Tabled in Commerce and Labor