Flexible Purpose Corporation

Patagonia Launches In House Fund

There is lots of movement in the social impact investment space lately it seems.  Yesterday on Businessweek.com there was an interesting piece on Patagonia, California’s first Benefit Corporation, and its announcement of the creation of an in house venture fund aimed at startups looking to make a positive social impact in these distinct areas:  clothing, …

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The Recipe for Social Entrepreneurship – Love of Jojo’s Sriracha Sauce

In our day-to-day practice at Apex Law, we are lucky enough to come into contact with many social entrepreneurs who are seeking advice on how to structure and implement their socially motivated business.  Now, generally, this conversation starts with a discussion of what business entity is best suited for a particular venture.  Should it be …

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Social Entrepreneurship Articles and an Event for the Week of Sept. 9, 2012

  I’ve recently come across a couple of interesting articles that I felt were worth sharing with the community.  Also, there’s an event on the SPC this week that some of you may consider attending: 1. The Truth about Ben and Jerry’s Widely used as the impetus for the benefit corporation, there was more going on …

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Capital and Control: The final two considerations for determining legal structure for your Social Enterprise.

You want to make a change with your new business venture and you’re ready to file the necessary paper work to form a legal structure, but what type of legal structure should you form?  Because your idea combines for-profit considerations and nonprofit motives, you’re a little confused about whether you should form a nonprofit, a …

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The Difference Between a Benefit Corporation and a (certified) B-Corp

I’m often asked:  What’s the difference between a benefit corporation and a B-Corp, are they the same thing? No, these are not the same thing.  The benefit corporation is a legal structure available for incorporation in several states,[1] whereas a B-Corp is a certification granted by B-Labs, a Pennsylvania nonprofit corporation.  Think of benefit corporations …

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Why the Social Purpose Corporation is Necessary: Self-identification and Legitimacy.

Effective today, Washington will recognize a new corporate entity: the social purpose corporation.  You can learn more about this legal structure here and here (or even download the legislation’s text here).  The social purpose corporation (or SPC) is Washington State’s social enterprise; its version of the benefit corporation that has been adopted by several other …

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Are the managers of traditional corporations “really” required to maximize profits to shareholders? A review of eBay v. Craiglist et al, in the argument supporting “hybrid” social enterprises.

Over at her blog Razesquire, Karen Raz asked an interesting question summarized as follows: where in the law does it say that traditional corporations must pursue a duty to maximize profits at the expense of social and environmental considerations? Although proponents of hybrid entities (benefit corporations, social purpose corporations, etc.) will tell you that management …

Are the managers of traditional corporations “really” required to maximize profits to shareholders? A review of eBay v. Craiglist et al, in the argument supporting “hybrid” social enterprises. Read More »

Benefit Enforcement Proceedings for the Benefit Corporation– What are they and How will they work?

As more and more states enact legislation authorizing Benefit Corporations, more questions will be asked about the form and function of these hybrid entities.  Nowhere are these questions more evident than when examining the dispute resolution process set forth in the various state statutes. A quick primer.  Benefit Corporations are designed to allow a corporation …

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A new way of doing business, the Benefit Corporation Ted Talk

“Because government and nonprofits alone are insufficient to solve the world’s most pressing problems . . .” Like Jay Coen Gilbert (one of the founders of B-Labs and the Benefit Corporation) says in the video below, both government and nonprofit entities will have incrementally less resources moving forward.  Indeed, the more interconnected the world is, the …

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The Washington State Senate approves of the “Social Purpose Corporation”

   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 …

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