CLEAN CURRENTS BECOMES FIRST BENEFIT LLC IN UNITED STATES
Green Energy Company’s Action Demonstrates Leadership in Sustainability
(ROCKVILLE, MD, June 1, 2011) – Clean Currents, a leading green energy provider in the Mid-Atlantic, today announced it has become the first company in the country to be designated a “Benefit LLC”. This designation legally adds Clean Currents’ environmental and social commitments into the company’s legal charter. Today was the first day that limited liability companies (LLC’s) could register as a “Benefit LLC” with the state of Maryland – which is the first state in the nation to recognize the designation.
“It’s natural for Clean Currents to be the first Benefit LLC” said Gary Skulnik, Co-Founder of Clean Currents. “We were among the first companies in the state to have our energy products certified by Green-e Energy, the first to have our headquarters certified as sustainable by Montgomery County, and the first and only energy company in the state to be certified as a B-Corporation.”
Maryland passed legislation in 2010 to recognize Benefit Corporations, but inadvertently left out LLC’s. In the interim, Clean Currents went through the process of achieving B-Corporation certification, a third party verification of its sustainable operations. This year, Maryland passed a law to allow LLC’s to register as Benefit LLC’s. “This is a thrilling moment for Clean Currents and the growing movement to give public-spirited businesses the force of law and the official recognition they deserve”, said Maryland State Senator Jamie Raskin, lead sponsor of the Benefit Corporation legislation.
B Lab, the Pennsylvania-based non-profit that administers B-Corporation status, has been integral in building support for legislation that allows for the formation of “benefit” companies. Maryland, Vermont, Virginia, and New Jersey have already signed this into law and similar legislation is underway in Hawaii, North Carolina, California, Pennsylvania, and New York.
“Leadership means not waiting for the rest of the pack to take action, but to do what’s right and show others that making money while protecting the planet and people makes sense,” noted Skulnik. “Clean Currents doesn’t just talk green like everyone else, we live and breathe it every day.”
The legal work for today’s filing was handled by Laura Jordan of The Capital Law Firm, PLLC, the area’s leading expert on Benefit Corporation/LLC legal issues.