New Form Of Corporate Entity Approved In California: Meet The Benefit Corporation

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Governor Brown recently signed AB 361 which authorizes the creation of a new form of corporate entity in California known as a benefit corporation. Previously general corporations and non-profit companies represented the two ends of the corporate spectrum, with general corporations acting as for-profit enterprises answerable to shareholders, and non-profits created for public benefit, mutual benefit or religious purposes.

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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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