Commitment to Transparency
Public benefit companies (PBLLCs) have an expanded transparency requirement and must report biennially on their public impact. The state can then require that this report be verified by a third party. Though not required by law, Take Medicine Back, PBLLC exists as a 100% volunteer organization with transparency as a core value.
Public Benefit Companies Explained
Public benefit companies (PBLLCs) are born from a relatively new state-level designation first created in 2010 that allows companies to prioritize public benefit over profits. As of March 2018, 35 states and Washington, DC have passed legislation allowing for the creation of these benefit corporations. Unlike the 501(c)(3) federal designation, donations to a public benefit company are not tax deductible. However, 501(c)(3) companies are restricted from participating in the legislative process while public benefit companies are not.
Delaware public benefit LLCs are required to define their social benefit. The following is the legally incorporated social benefit of Take Back Medicine:
“Take Medicine Back, PBLLC, is intended to produce a public benefit by operating in a responsible and ethical manner by imparting education and advocacy to the public regarding the corporate takeover of modern medicine which has led to the financial exploitation of patients and the erosion of trust between healthcare providers and patients.”
Priorities for the TakeEMBack campaign include the following: