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Become a sponsor! Contact Steve Klass at sklass@p3utah.org
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2230 S. Belaire Drive

Salt Lake City, Utah 84109

What are Benefit Businesses?

  • A Benefit LLC or Benefit Corporation (known as benefit businesses) is an optional form of state business registration with no tax consequences.

  • Benefit Businesses strive to generate positive social and environmental benefits and make an annual report of those benefits available for review.

  • Benefit Businesses consider factors beyond profit in making decisions, such as customers, employees, the community, the environment and the future.

  • Benefit LLCs and Benefit Corporations operate functionally in the exact same way as a regular LLC or Corporation.

What are the requirements to become a Benefit Business?

  •  You must generate positive social and environmental benefits and summarize these annually in a report to the state. (P3 Utah can help you with the report.)

  • You must consider multiple stakeholders when making decisions, including: employees, customers, community, the environment, and the future.  

What are the benefits to being a Benefit Business?

  • Stand out above the competition

  • Attract younger employees

  • Expand customer loyalty & market share

  • Better attract & protect impact investments

  • Great option for social enterprises

  • Protect owner values when transferring to new owners

  • Support & benefit from the larger purpose-driven business movement 

How do I convert to a Benefit Business?

  • Become one of the trailblazers and business leaders as a Benefit LLC or Benefit Corporation. Utah is only the 4th state in the nation to offer this class of business which allows businesses to recognize their people, the planet, and a profit. Any current corporation or LLC can convert to a Benefit Business, and if you are starting a new business, you can incorporate from the start as a Benefit Business.

  • We have compiled a downloadable & printable filing guide, as well as Utah's official registration form, that you can access below. If you have any questions regarding registration as a Benefit LLC, please contact Kathy Berg at kberg@utah.gov OR by phone at 801-530-6216. You can also access all registration forms from the Utah Division of Corporations here.

How Do You Show Your Commitment to Triple Bottom Line Business?

  •  In the U.S. and about a dozen other countries, businesses from all industries are using two special forms of government registration of business:  benefit corporations and benefit LLCs (or their equivalent).

       These organizations must, by law, create a positive triple-bottom-line impact.
       

They must consider the triple bottom line when making decisions and 

make an annual report on social and environmental impact available to the public.

  •   Committed business owners can use these two types at startup or easily convert an existing business to one of these two forms.  This registration is easy to adopt and is taxed the same way as other non-benefit businesses. Utah is one of only a handful of U.S. state jurisdictions that offer both the benefit corporation and benefit LLC form of registration and P3 Utah was instrumental in advocating for this policy.

 

List of U.S jurisdictions allowing benefit corporations

 

See our Benefit Business FAQ

 

Based outside the U.S.?

  • About a dozen countries have adopted or are considering this model.  Please contact the William H. Clark, Jr., the lawyer of Drinker Biddle & Reath LLP in Philadelphia, Pennsylvania, who created this approach.  He has advised most U.S. states and is willing to advise any country on how to use this model as part of their law, to accelerate the development of committed triple bottom line sustainable business globally.     William.Clark@dbr.com