A new Pennsylvania Benefit Corporation Act (the “Act”) becomes effective on January 23, 2013. The Act authorizes a new type of corporation known as a Benefit Corporation. The Act is intended to provide entrepreneurs and investors who want to build and invest in businesses that operate in a socially and environmentally responsible manner with a vehicle that meets these objectives. While Benefit Corporations operate on a for-profit basis and pay income taxes, they are unique in that their directors must take into account social issues (e.g., employees, community, and environment) along with the bottom line when making corporate decisions. Pennsylvania is one of 12 states that has adopted similar legislation.
A Corporation with a Social Mission -
Benefit Corporations are based upon traditional Pennsylvania business corporations. However, Benefit Corporations impose three additional unique requirements with respect to purpose, accountability and transparency...
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