The Benefit Corporation and Social Enterprise
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Transcript of The Benefit Corporation and Social Enterprise
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The Benefit Corporation and Social EnterpriseAmy Kincaid, ChangeMatters, Benefit LLCThe Foundation for Prince George’sNovember 10, 2011
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+Topic and Resource People
1. All about: the New Maryland Benefit Corporation Laws
2. In the mix: social enterprise and socially-responsible biz
Amy Kincaid Jon Widrick, Esq. Phil Stoler, CPA
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+Benefit Corporation Law
General and specific public benefits Protection for corporate directors Reporting Third party standards Not a certification Maryland was first in the nation to pass the law.
Main Provisions
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+Open Questions
Third Party Standard Data Rules and Regulations Tax Rules and Accountability Note: Appropriate for nonprofit corporations?
Mechanics and meaning—could/should a tax exempt organization do this?
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+Following Maryland
Vermont New Jersey Virginia California (and also Flexible Purpose) Hawaii New York (passed, but not yet signed into law) Four other states introduced it
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+Maryland Benefit LLC
First and only state so far. LLCs and contract law For tax exempts with LLC subsidiaries, is this a good
option?
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+Who is it for? Who’s doing it?In Maryland
Big Bad Woof — retail Emory Knolls Farm —
greenhouse Blessed Coffee — importing Taharka Bros. — fast food Global Contribution Corp. (St.
Paul, MN) — shared workspace developer
Considering: LessonCast
ChangeMatters, Benefit LLC Substance151, Benefit LLC Clean Currents, Benefit LLC Restaurant startup in DC Artisan market
Benefit Corporation Benefit LLC
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+In Virginia
Farm Community Consultants, Inc.
Riviana Natural Designs, Inc.
Sweet Charity Bake Shop, Inc.
Veura Inc
Note: Impact Makers
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+How to File
Corporate filing or amendment to Articles of Incorporation or Organization through Maryland SDAT (State Department of Assessments and Taxation)
http://www.dat.state.md.us/
In Maryland
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+In the Mix
Social Enterprise ----to---- Socially-Responsible Business
earned revenue, earned income ventures, nonprofit business activity, social ventures, social entrepreneurship, community wealth creation, social purpose business, social enterprise, common good enterprise, mission-driven business, socially-responsible small business, double-bottom line; triple-bottom line, benefit corporation
Common Good Enterprise
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+Continuum
Nonprofit
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+Social Enterprise Business
Harbor City Services Humanim Goodwill Baltimore Clayworks (e-
Ceramica) DC Central Kitchen Greyston Bakery Benetech
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+Socially-Responsible Business
Busboys & Poets Norwood Marble and
Granite Teavolution Green Savings Coop Capital City Cheesecake Impact Makers Rivianna
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+For more information
Jon Widrick, Esq.
Ascensus Law Group
www.ascensuslaw.com
Amy Kincaid
ChangeMatters, Benefit LLC
301-588-9108 (c)
www.changematters.com
[email protected] Phil Stoler
Rivlin, Lichter & Feldman