Today, the Washington State Senate approved a bill that would establish the Social Purpose Corporation by a vote of 34 to 14 with 1 excused. The bill was passed by the House of Representatives last month, as I wrote about here, and it now only needs approval by Governor Gregoire to become law. Washington …
The Washington State Senate approves of the “Social Purpose Corporation” Read More »
You’re fed up. There’s a social problem that you can’t stand. It seems imminently solvable if only someone would take the initiative to get it done. So you’ve made up your mind: you’re going to solve this problem by starting a business. You’ll immediately face an important decision. Is your business going to be a …
Mission and Market, the First Two Considerations for a Start-up Social Venture Read More »
As we’ve previously explained on this blog, several states have adopted legislation accommodating legal structures for businesses that make a social impact. For example, Maryland, New Jersey, Hawaii, Vermont, California, New York, and Virginia and have passed statutes authorizing Benefit Corporations. And Illinois, Louisiana, Maine, Michigan, North Carolina, Rhode Island, Utah, Vermont, Wyoming have passed …
The “Social Purpose Corporation” passes the Washington State House of Representatives Read More »
Ever wonder what it means to be a social entrepreneur? Well, I found some great video to demonstrate what it means. This link will take you to an episode of ABC’s hit show “Shark Tank.” In this episode, Donny McCall makes a pitch for his product and company called Invis-a-Rack (after the commercial, jump to …
An example of Social Entrepreneurship from NBC’s Shark Tank Read More »
I walked out of the conference room feeling great. We had just hammered out a settlement dismissing a breach of contract lawsuit against our client. The settlement terms were fair, and I was especially pleased because, at the time, I thought the chance that these particular parties would come to an agreement was slim. Then …
Boilerplate considerations: when to have an attorneys’ fees provision in your contracts. Read More »
The L3C (Low-profit Limited Liability Company) is a for-profit business entity that, as required under its organizing documents and state law, must have a primary goal of performing a socially beneficial purpose instead of simply maximizing profit. In addition, an L3C must avoid engaging in certain lobbying and political activities. Otherwise, an L3C is organized …
What is a “Low-Profit Limited Liability Company” (L3C)? Read More »