What does “benefit corporation” mean?
A “Benefit Corporation” means a corporation organized under NRS Chapter 78 or 78A, NRS 81.010 to 81.160, inclusive, or NRS Chapter 89 that has elected to become subject to this chapter and whose status as a benefit corporation has not been terminated pursuant to this chapter.
Benefit corporations also provide a specific public benefit that may be contrary to the traditional fiduciary duty in that activities may also benefit the public or environment in addition to the shareholder.
A Limited Liability Company (LLC), which is not eligible to be a "benefit corporation" because it has members and NOT shareholders, may include beneficial purposes in its articles of organization or operating agreement similar to those of a corporation electing b-corp status. Please contact your private legal counsel advice pertaining to your LLC.
Questions? Call the Secretary of State's Office at (775) 684-5708 or email support@nvsilverflume.gov.
This FAQ is posted at SilverFlume Nevada's Business Portal at www.nvsilverflume.gov.
