Terms Used In Utah Code > Title 48 > Chapter 4 > Part 3 - Accountability

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Benefit company: means a limited liability company:
       (1)(a) that elects to become subject to this chapter; and
       (1)(b) the status of which as a benefit company has not been terminated. See Utah Code 48-4-103
• Benefit enforcement proceeding: means a proceeding in a court of competent jurisdiction for:
       (2)(a) failure of a benefit company to pursue or create general public benefit or a specific public benefit described in the benefit company's certificate of organization; or
       (2)(b) a violation of an obligation, duty, or standard of conduct under this chapter. See Utah Code 48-4-103
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• General public benefit: means a material positive impact on society and the environment:
       (3)(a) taken as a whole;
       (3)(b) assessed against a third-party standard; and
       (3)(c) from the business of a benefit company. See Utah Code 48-4-103
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Specific public benefit: includes :
       (8)(a) providing low-income or underserved individuals or communities with beneficial products or services;
       (8)(b) promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
       (8)(c) protecting or restoring the environment;
       (8)(d) improving human health;
       (8)(e) promoting the arts, sciences, or advancement of knowledge;
       (8)(f) increasing the flow of capital to entities with a purpose to benefit society or the environment; and
       (8)(g) conferring any other particular benefit on society or the environment. See Utah Code 48-4-103
• Subsidiary: means , in relation to a person, an entity in which the person owns beneficially or of record, 50% or more of the outstanding equity interests, calculated as if all outstanding rights to acquire equity interests in the entity have been exercised. See Utah Code 48-4-103