Delaware is known for having corporation-friendly tax law and developed case law, making it a favorite for entrepreneurs and investors. As of this week, it may become a hotspot for social enterprise as well.
On July 17th 2013, Delaware officially passed benefit corporation legislation—a momentous landmark for the benefit corporation movement.
Here are a few facts about the new benefit corporation law in Delaware:
- After passing through state house and senate, the bill was signed into law by Delaware Governor Jack Markell
- Delaware is the 19th state pass benefit corporation legislation
- The bill was introduced as Senate Bill #47 & passed unanimously through state assembly and house votes
- The bill goes in to effect August 1, 2013
- Delaware is home to over 1 million public corporations
- 50% of companies and over 60% of Fortune 500 corporations are registered in Delaware
- The states that have passed benefit corporation law now:
Delaware, California, New York, Rhode Island, Massachusetts, Pennsylvania, Vermont, New Jersey, Maryland, Virginia, Washington DC, South Carolina, Illinois, Arkansas, Louisiana, Colorado, Oregon, Nevada, Arizona, and Hawaii
Below are posts and articles about the new law:
- Today Marks a Tipping Point in the Evolution of Capitalism [B Corporation blog]
- Delaware ‘Public Benefit Corporation’ Lets Directors Serve Three Masters Instead of One [Forbes]
- B Corps Congratulate Delaware on Signing Benefit Corporation Legislation into Law [CSWire]
- How Delaware Thrives as a Corporate Tax Haven [New York Times]
Innov8social
Innov8social
Innov8social
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