You may have heard about Stellar’s new Senior Living Foundation, and our new role as a BLLC. But what is a BLLC, and why does it matter? Doing business should be about more than just higher profits and improving the “bottom line.” Thankfully, more businesses, including Stellar Living, are changing their structure to consider people and the planet when making decisions, rather than just profit. Read on to learn more about what it means to be a Benefit Limited Liability Company, and what Stellar is doing to improve lives all over the country.
What is a BLLC?
BLLC stands for Benefit Limited Liability Company. This is a new designation for businesses that want to consider societal and environmental change and concerns in their decision-making processes. A BLLC’s purpose is to create general public benefit, which includes a material positive effect on society and the environment. Instead of only worrying about profit or the “bottom line,” a benefit company has an added mission of helping people and the planet. They are legally required to pursue this mission, and disclose to the public and members what they are doing to help.
What Makes a BLLC Different from an LLC?
An LLC, or Limited Liability Company, is simply a type of business structure, similar to a corporation, partnership, or other business entity. Becoming an LLC is mainly done for tax and liability reasons.
However, a BLLC is a new classification with a special mission: to improve the lives of the people the company impacts. Since LLCs are state entities, the name of a public benefit company varies by state. Utah uses the terminology BLLC, and as a Utah-based company, so does Stellar. Some states may refer to these types of LLCs as Benefit companies, Public Benefit companies, or PBLLCs.
BLLCs differ from LLCs because of their mission, purpose, and transparency. BLLCs are usually required to publish an annual report stating the actions and methods they used to provide public benefit, and how well they met or exceeded their benefit goals. This is an additional level of transparency that shows one of the company’s main purposes is to have a beneficial impact on society and the environment.
Why did Stellar Become a BLLC?
Stellar Living, previously simply an LLC, recently registered as a BLLC. Stellar made this change to better align with their goals and mission. This includes helping seniors achieve their most stellar lives. Their goal for 2030 is to positively impact the lives of at least 10,000 people. They are devoted to improving senior living across the country for everyone involved, from staff members and employees, to residents and caregivers, to the cities and neighborhoods their communities serve.
What Changes Has Stellar Made Since Becoming a BLLC?
Stellar Living has been making changes to provide public benefit in many ways. Stellar has increased the reach of affordable hospice care in the form of Ovation Hospice. They offer management services to help senior living communities provide the best conditions for employees and care for seniors. They have also started a new charitable organization, the Stellar Senior Living Foundation.
What is the Stellar Senior Living Foundation?
The Stellar Senior Living Foundation is a way to give back and help senior living residents, employees, and local organizations. They provide educational scholarships, financial hardship relief, help with citizenship pursuits and financial emergencies, and support service organizations like The Alzheimer’s Organization and Honor Flight. The Stellar Senior Living Foundation aims to improve the lives of seniors, caregivers, and their families. They also want to embody the values of compassion and community support. Learn more about the Foundation, and what you can do to help, here.
So, what is a BLLC? As you can see, becoming a BLLC is all about helping others. Stellar became a BLLC, expanded the reach of affordable hospice care, and started a charitable foundation. The goal is to provide compassionate care to all seniors, and improve lives across the country. And we’re not done yet. Stellar hopes you’ll become a part of the impact of the Stellar Living Foundation, Ovation Hospice, and more award-winning, people-focused senior care all over the USA.
