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With the uncertainty surrounding new corporate entities such as the Benefit Corporation, Flexible Purpose Corporation, and Low Profit Limited Liability Company, it is important for these businesses to contractually control the dispute resolution process. Legislation acknowledging  new forms of business entities called “Benefit Corporations” (enacted in six states California, Maryland, Virginia, Vermont, Hawaii and New Jersey), “Flexible Purpose Corporations” (authorized in California), and the “low profit limited liability company”, or L3C (authorized in Illinois, Louisiana, Maine, Michigan, North Carolina, Utah, Vermont, and Wyoming) has recently come into law.  With these statutes, certain states have allowed for businesses to expand......

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