Posted at 18:45h
Most people know that there are privately and publicly held companies, non-profits, LLCs (or limited license companies), INCs (incorporated), etc. While non-profits are their own separate type of business that is taxed and reviewed differently, with a much different business goal than other for-profit companies, even for-profit companies have their own different classifications.
Most companies like LLCs are known as S Corps, but there are also C Corps. Most of these distinctions have to do with how the business is taxed. However, there is a separate, and we believe and more distinctive, designation that companies in Utah may now be classified as. A Benefit Corporation.
Several years ago, SB 133 was signed into law allowing Utah businesses to change their business designation to that of a benefit corporation - LUX Catering & Events was one of the first 13 businesses to jump aboard and take advantage of the new law and change our status from and S-Corp to a Benefit Corporation.
So, what exactly is a Benefit Corporation?