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Dozens of Public Benefit Corporations Registering in Delaware



A new law in Delaware allows companies that blend profit-seeking and enhancing societal-good to register as “Public Benefit Corporations” (aka “PBCs”). On August 1st, Delaware Governor Jack Markell registered the first 18 new Delaware public benefit corporations, hailing that “Benefit corporations meet a market need and a societal need. They have the potential to create high quality jobs and improve the quality of life in our communities.”

To date, 53 PBC’s have been formed making Delaware the fastest growing jurisdiction in the nation among the 20 states that have enacted similar legislation. Delaware PBC’s have been formed to address specific public benefits such as the elimination of psychosocial distress in cancer patients and their families, combatting childhood hunger and malnutrition, and improving human health by promoting the development of healthier living and working spaces.

Read more about this important new option in “Doing Well While Doing Good: New Delaware Law Authorizes “Public Benefit” Corporations” an article by Rick Alexander a partner in the Corporate Counseling Group of Morris, Nichols, Arsht & Tunnell LLP.

Left to right: Secretary of State Jeff Bullock, Adam Lowry, co-founder of Method Products PBC (one of the first entities to become a public benefit corporation), and Governor Jack Markell.

 


Categories:  Incorporate Invest Public Benefit Corporations

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