Oregon Passes Benefit LLC Statute

Oregon, which previously passed a benefit corporation statute, has now become the second state in the country to enact benefit limited liability company (BLLC) legislation. House Bill 2296, signed by Governor Kitzhaber, authorizes the creation of LLCs that do not have profit as their primary purpose.

This legislation would be unnecessary and irrelevant in many states. Delaware's Limited Liability Company Act, for example, states that “[a] limited liability company may carry on any lawful business, purpose or activity, whether or not for profit, with the exception of the business of banking.” 6 Del. C. § 18-106(a).

Further details are available at the LLC Law Monitor.