A Leopard Loses His Spots – AB 361 Is Amended

AB 361 (Huffman) started out life as a spot bill (see discussion of “spot bills” in this post). Assembly Member Jared Huffman has now amended AB 361 to authorize the formation of so-called “benefit corporations”. One proponent of AB 361 has told me that AB 361 is not intended to compete with SB 201 (DeSaulnier) which provides for the organization of flexible purpose corporations. However, I expect that the proponents of SB 201 have a different view.

SB 201 was amended this week and is scheduled to be heard by the Senate Banking and Financial Institutions Committee on April 6. AB 361 has been referred to the Assembly Committee on Judiciary.

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Published In: Business Organization Updates, Nonprofits Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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