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Benefit Corporations are Pennsylvania business corporations organized for profit. Benefit Corporations are very similar to typical corporations; however, beyond pursuing typical business interests, a Benefit Corporation has the additional corporate focus of creating and/ or supporting general public benefits.

Legal Definition of annual meeting : a meeting of shareholders that the law requires a corporation to hold each year for the election of directors and the transaction of other business compare special meeting.

A general public benefit is defined as a material positive impact on society and the environment, taken as a whole, as assessed against a third-party standard, from the business and operations of a benefit corporation.

Annual Registration Unlike most states, Pennsylvania does not require LLCs to file an annual report. However, Professional Limited Liability Companies (PLLCs) and foreign LLCs engaged in professional services must file a Certificate of Annual Registration (Form DSCB:15-8221/8998) with the Department of State.

A Certificate of Good Standing is a document issued by the State of Pennsylvania that confirms that a business has all the necessary formation paperwork in and that all fees have been paid.

A Statutory Public Benefit LLC is defined as a for-profit LLC that is intended to produce a public benefit and operate in a responsible and sustainable manner. Like a traditional Delaware LLC, it is formed by filing a Certificate of Formation with the Division of Corporations.

Corporate annual meeting minutes serve as a record of a business's annual meeting.Meeting agenda items with a brief description of each. Details about what was discussed during the meeting. Results of any voting actions taken. The time when the meeting adjourned.

Public Benefit Corporations or PBCs are a type of for-profit corporate entity currently authorized by 35 states and the District of Columbia, similar to a C-corp, S-corp, or LLC.Importantly, this mission statement has real ramifications on how a PBC is run.

The annual meeting usually includes the following activities: Election of directors whose terms are up for renewal or to fill vacancies on the board of directors. Declaration of a dividend or changes in the dividend policy. Review of the corporation's annual report.

Pennsylvania Annual Minutes

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