SB 00012 Summary

• Establishes the "Connecticut Benefit Limited Liability Company Act" effective October 1, 2017, creating a new business structure for LLCs that prioritize social and environmental benefits alongside profit.

• Requires benefit LLCs to include "benefit limited liability company," "BLLC," or "B.L.L.C." in their name and pursue a general public benefit (material positive impact on society and environment) assessed against third-party standards.

• Mandates appointment of a benefit officer to monitor compliance with public benefit purposes and requires annual benefit reports to members detailing social and environmental performance.

• Protects members, managers, and benefit officers from personal liability for failure to achieve public benefits and restricts benefit enforcement proceedings to the company itself or members owning 5% or more of transferable interests.

• Makes parallel amendments to benefit corporation law (chapter 604) to allow benefit LLCs and benefit corporations to merge, maintain legacy preservation provisions that survive dissolution, and align naming and reporting requirements across both entity types.