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Thomas D. Kearns


Public Benefit and Certified B LLCs for Real Estate

Olshan Corporate partner Spencer Feldman posted about the growing interest in public benefit corporations – corporations whose charter documents include clear directions that the managers of the company take into consideration social goals including community service and renewable energy. 

Public benefit corporations have become popular with new generations of business people who wish to take into consideration environment, social and governance (“ESG”) goals.  Now well recognized, third parties such as B Labs have sprung up to help companies include appropriate provisions in their charter documents and issue a certification after an assessment of the company.  My partner, Spencer Feldman, recently wrote extensively on the topic. What is less well known is that B Corp is also willing to certify limited liability companies, the preferred vehicle for most commercial real estate ventures.  LLCs for affordable housing projects or developments in sensitive areas that may face local resistance might be ideal candidates for public benefit or B Corp status. 

You can read Olshan Corporate/Securities partner Spencer Feldman's blog post, "Public Benefit Corporations and Certified B Corporations: Adding Transparency into a Corporation’s Ideological View on its Role in Society" here.

You can read the B Labs page on LLC agreement provisions here.

You can read more about Benefit corporations here.

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