the benefit corporation and social enterprise
DESCRIPTION
The Benefit Corporation and Social Enterprise. Amy Kincaid, ChangeMatters, Benefit LLC The Foundation for Prince George’s November 10, 2011. Topic and Resource People. All about: the New Maryland Benefit Corporation Laws In the mix: social enterprise and socially-responsible biz - PowerPoint PPT PresentationTRANSCRIPT
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The Benefit Corporation and Social EnterpriseAmy Kincaid, ChangeMatters, Benefit LLCThe Foundation for Prince George’sNovember 10, 2011
+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
+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
+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?
+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
+Maryland Benefit LLC
First and only state so far. LLCs and contract law For tax exempts with LLC subsidiaries, is this a good
option?
+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
+In Virginia
Farm Community Consultants, Inc.
Riviana Natural Designs, Inc.
Sweet Charity Bake Shop, Inc.
Veura Inc
Note: Impact Makers
+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
+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
+Continuum
Nonprofit
+Social Enterprise Business
Harbor City Services Humanim Goodwill Baltimore Clayworks (e-
Ceramica) DC Central Kitchen Greyston Bakery Benetech
+Socially-Responsible Business
Busboys & Poets Norwood Marble and
Granite Teavolution Green Savings Coop Capital City Cheesecake Impact Makers Rivianna
+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