March 7 & 10, 2013
Maryland was the first state in the country to pass legislation allowing the formation of Benefit Corporations and LLCs, which provide companies with legal protection in pursuing “general public good” in addition to profits. Since its introduction in 2010, 10 other states and the District of Columbia have passed similar legislation, and Maryland remains the only state allowing for LLCs in addition to Corporations. But despite its status as a first mover, Maryland is falling behind other state programs in implementing the legislation.
In this edition of Smith Business Close-Up with the University of Maryland’s Robert H. Smith School of Business, Melissa Carrier talks about the state of Maryland’s benefit corporation legislation and a recent study by a group of MBAs of how companies in the state are faring.
Carrier is the assistant dean of global programs and executive director of the Center for Social Value Creation at the Smith School. The center helps to prepare students to tackle global issues and create innovative business solutions. It offers field experiences, coursework, research and career-planning to help students create and enhance organizations by using business skills as a vehicle for social and environmental change.