Delaware Code Title 6 Sec. 18-1205 – Periodic statements and third-party certification
A statutory public benefit limited liability company shall no less than biennially provide its members with a statement as to the limited liability company’s promotion of the public benefit or public benefits set forth in its limited liability company agreement and certificate of formation and as to the best interests of those materially affected by the limited liability company’s conduct. The statement shall include:
(1) The objectives that have been established to promote such public benefit or public benefits and interests;
(2) The standards that have been adopted to measure the limited liability company’s progress in promoting such public benefit or public benefits and interests;
(3) Objective factual information based on those standards regarding the limited liability company’s success in meeting the objectives for promoting such public benefit or public benefits and interests; and
(4) An assessment of the limited liability company’s success in meeting the objectives and promoting such public benefit or public benefits and interests.
Terms Used In Delaware Code Title 6 Sec. 18-1205
- Certificate of formation: means the certificate referred to in § 18-201 of this title, and the certificate as amended. See Delaware Code Title 6 Sec. 18-101
- Limited liability company agreement: means any agreement (whether referred to as a limited liability company agreement, operating agreement or otherwise), written, oral or implied, of the member or members as to the affairs of a limited liability company and the conduct of its business. See Delaware Code Title 6 Sec. 18-101