Thursday, September 26, 2013

Benefit Corporations - By Terry Rowe

 The Demise of free enterprise?   Merle
A Benefit Corp., or B Corp. has corporate social responsibility, or CSR. This means that they
are involved in the three E's, Environment, Equity (social justice) and Economy.
   This is PPP, the Public Private Partnership.
The concept of the B Corp was promoted by the Rockefeller Bros Foundation.
The B Corporations are receiving benefits in San Francisco and Philadelphia.
Benefits can include; tax breaks, and, to the head of the line for licenses, permits, and contracts.
Tom DeWeese calls it, “the demise of free enterprise.”
The Governor of Maryland signed it into law on July17, 2013. The advocates say,”this is the tipping point in the evolution of capitalism,”
Benefit Corporation law in Illinois was effective 1/1/13
    Section 1. Short title. This Act may be cited as the
Benefit Corporation Act.






"Specific public benefit" means:
        (1) providing low-income or underserved individuals or
    communities with beneficial products or services;
        (2) promoting economic opportunity for individuals or
    communities beyond the creation of jobs in the ordinary
    course of business;
        (3) preserving the environment;
        (4) improving human health;
        (5) promoting the arts, sciences or advancement of
    knowledge;
        (6) increasing the flow of capital to entities with a
    public benefit purpose; or
        (7) the accomplishment of any other particular benefit
    for society or the environment.



Terry   (Read more below)

















Article 3. Corporate Purposes

 
     Section 3.01. Corporate purposes.
    (a) A benefit corporation shall have a purpose of creating
general public benefit. This purpose is in addition to its
purposes under Section 3.05 of the Business Corporation Act



 

Terry



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