And, if that process wasn’t involved enough, each state differs in its rules and process of how a bill is passed.
So it is noteworthy that benefit corporations did not only become law in a single state. The legislation has gone on to be introduced in various states, and has recently been passed in another 5 states. And similar legislation is being introduced in various other states.
So which states were first on the scene for benefit corporation?
- Maryland passed SB690/HB1009 in April 2010.
- Vermont passed S.263 in May 2010.
- Virginia passed HB2358 in March 2011.
- New Jersey passed S2170 in March 2011.
- Hawaii passed SB298 in July 2011.
- California passed AB361 in October 2011.