(a)    In this subtitle the following words have the meanings indicated.

(b)    “Benefit limited liability company” means a Maryland limited liability company that elects to be a benefit limited liability company in accordance with § 4A–1203 of this subtitle and has not ceased to be a benefit limited liability company through the operation of § 4A–1205 of this subtitle.

(c)    “General public benefit” means a material, positive impact on society and the environment, as measured by a third–party standard, through activities that promote a combination of specific public benefits.

(d)    “Specific public benefit” includes:

(1)    Providing individuals or communities with beneficial products or services;

(2)    Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;

(3)    Preserving the environment;

(4)    Improving human health;

(5)    Promoting the arts, sciences, or advancement of knowledge;

(6)    Increasing the flow of capital to entities with a public benefit purpose; or

(7)    The accomplishment of any other particular benefit for society or the environment.

(e)    “Third–party standard” means a standard for defining, reporting, and assessing best practices in social and environmental performance that:

(1)    Is developed by a person or entity that is independent of the benefit limited liability company; and

(2)    Is transparent because the following information about the standard is publicly available or accessible:

(i)    The factors considered when measuring the performance of a business;

(ii)    The relative weightings of those factors; and

(iii)    The identity of the persons who developed and control changes to the standard and the process by which those changes were made.