Public Benefit Corporation

News & Analysis as of

Corporate Responsibility: Friedman vs. Porter and the Trend Toward Shared Value

On September 13, 1970, The New York Times published an oped by University of Chicago Professor Milton Friedman that provided the intellectual framework for a profound shift in American corporate governance. The article,...more

Doing Well by Doing Good: Why Startups May Want to Consider B Corp Status

Socially and/or environmentally minded startup entrepreneurs should take a second look at B corporations. Informally, many companies seek to bring good to the community in which they do business and operate in a socially and...more

Blog: A “Public Benefit Corporation” Takes The IPO Plunge

As previously discussed on this blog, , a few companies have gone public as “Certified B Corporations,” but now we apparently have the first company to file for its IPO as an actual Delaware “public benefit corporation”...more

California Clarifies Investment Standards for Public Benefit and Religious Corporations

Without a lot of fanfare, the California State Legislature recently passed a bill that seeks to provide some clarity for charities as to how they are supposed to invest their assets. ...more

Benefit Corporation Files For Initial Public Offering

A few years ago, I participated in the drafting of California’s Flexible Purpose Corporation Act, Cal. Corp. Code § 2500 et seq.  In 2014, the legislature changed the name to “Social Purpose Corporations Act”.  SB 1301...more

What is a Public Benefit Corporation Anyway?

Kickstarter, the well-known crowdfunding website, recently made news by announcing that it has become a Delaware “public benefit corporation” under that state’s new (2013) PBC statute. For example, a New York Times headline...more

Assembly Bill 792: Removing the Term “Avoid Speculation” from California’s Statute for Investments of Nonprofit Public Benefit...

Assembly Bill 792 (AB 792) addressing investment standards for nonprofit public benefit and religious corporations was recently signed by Governor Brown in California and becomes effective January 1, 2016. AB 792 will resolve...more

Should Your Startup Become a Public Benefit Corporation?

With the increased attention paid to companies that feature public benefits or social impact as part of their mission or business plan and with the rise of social impact investors, more and more states are enacting public...more

Delaware General Corporation Law Amendments

On June 24, 2015, Delaware Governor Jack Markell approved several important amendments to the Delaware General Corporation Law (the “DGCL”),[1] with such amendments generally becoming effective on August 1, 2015. These...more

Health Law Wire: FTC Objects to Legislative Antitrust Immunity in New York (6/15)

The FTC is urging the NY Legislature to withdraw a bill which would grant broad antitrust immunity to the Westchester and Erie County health care public benefit corporations. There is continuing scrutiny of state-sponsored...more

Blog: Corporation Section Of Delaware Bar Approves Amendments Re Fee Shifting And Forum Selection, Substantially As Proposed, And...

The Corporation Law Section of the Delaware Bar has approved, substantially as proposed, the amendments to the Delaware General Corporation Law proposed by the Delaware Bar’s Corporation Law Council regarding fee-shifting...more

Arizona Soon to Recognize For-Profit, Positive Impact Corporations Known As Benefit Corporations

Legislation enabling a new type of corporate legal entity in Arizona – the benefit corporation – takes effect January 1, 2015. A benefit corporation is distinguished from other for-profit corporations because it is required...more

Follow-Up on Delaware Public Benefit Corporations

On August 1, 2013, the Delaware legislature effected amendments to the Delaware General Corporation Law allowing corporations to elect to be formed as, or convert to, a public benefit corporation (PBC) (Subchapter XV of...more

Minnesota Public Benefit Corporation Act

In This Issue: - Introduction - Minnesota Public Benefit Corporation Legislation - Effective Date - Types of Public Benefit Corporations - Establishment of a Public Benefit Corporation - Name -...more

Proposed Minnesota Public Benefit Corporation Legislation

A bill has been introduced to bring public benefit corporations to Minnesota. The public benefit corporation is a relatively recent legal innovation that occupies a hybrid position between a traditional corporation and a...more

Public Benefit Corporation Act of Colorado

During the 2013 legislative session, the Colorado Legislature enacted H.B. 13-1138, the Public Benefit Corporation Act of Colorado (“PBC Act”). This act, which becomes effective April 1, 2014, creates a new kind of corporate...more

2013 Changes to Delaware Corporate and LLC Law

In this alert we summarize the most important recent additions and amendments to the Delaware General Corporation Law (the “DGCL”) and the Delaware Limited Liability Company Act (the “DLLCA”). These changes include...more

Delaware Public Benefit Corporations: A Brief Introduction

On August 1, 2013, the Delaware legislature added a potentially important new subchapter to the General Corporation Law, allowing corporations to elect to be formed as, or convert to, a public benefit corporation (PBC)...more

Delaware Legislature Adopts Amendments to Delaware General Corporation Law

Effective as of August 1, 2013, the Delaware legislature adopted several significant amendments to the Delaware General Corporation Law (DGCL). ...more

Significant Amendments to Delaware General Corporation Law Enacted

On June 30, 2013, Governor Jack Markell of Delaware signed into law amendments to the Delaware General Corporation Law (DGCL) that affect a number of provisions in the current DGCL and could have substantial effects on the...more

Doing Good While Doing Well — Delaware Is the 19th State to Adopt Public Benefit Corporation Law

A new Delaware law authorizing the creation of public benefit corporations (“PBCs”) in Delaware becomes effective on August 1, 2013. PBCs are a new type of socially conscious for profit corporation intended to operate in a...more

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