Terms Used In Utah Code > Title 48 > Chapter 4 > Part 3 - Accountability

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefit company: means a limited liability company:

  (a)	that elects to become subject to this chapter; and

  (b)

  the status of which as a benefit company has not been terminated. See Utah Code 48-4-103 Benefit enforcement proceeding: means a proceeding in a court of competent jurisdiction for: (a)  failure of a benefit company to pursue or create general public benefit or a specific public benefit described in the benefit company's certificate of organization; or (b)  a violation of an obligation, duty, or standard of conduct under this chapter. See Utah Code 48-4-103 Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. General public benefit: means a material positive impact on society and the environment: (a)  taken as a whole; (b)  assessed against a third-party standard; and (c)  from the business of a benefit company. See Utah Code 48-4-103 Person: means :Utah Code 68-3-12.5 Specific public benefit: includes : (a)  providing low-income or underserved individuals or communities with beneficial products or services; (b)  promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business; (c)  protecting or restoring the environment; (d)  improving human health; (e)  promoting the arts, sciences, or advancement of knowledge; (f)  increasing the flow of capital to entities with a purpose to benefit society or the environment; and (g)  conferring any other particular benefit on society or the environment. See Utah Code 48-4-103 Subsidiary: means , in relation to a person, an entity in which the person owns beneficially or of record, 50% or more of the outstanding equity interests, calculated as if all outstanding rights to acquire equity interests in the entity have been exercised. See Utah Code 48-4-103