Delaware Considers New Statutory Public Benefit Limited Liability Company

In April 2018, the Delaware State Bar Association’s Corporate Law Section approved an amendment to the Delaware Limited Liability Company Act that allows for the formation of public benefit limited liability companies (PBLLCs). The proposed new PBLLC statute – Subchapter XII of Chapter 18, Title 6 of the Delaware Code (PDF) – closely tracks the Delaware public benefit corporation (PBC) statute, so its material features will be familiar to most social entrepreneurs and impact investors.