Talk:Benefit corporation

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Wiki Education Foundation-supported course assignment

This article was the subject of a Wiki Education Foundation-supported course assignment, between 28 January 2020 and 27 April 2020. Further details are available on the course page. Student editor(s): Kgoncalves10.

Above undated message substituted from Template:Dashboard.wikiedu.org assignment by PrimeBOT (talk) 15:35, 16 January 2022 (UTC)

Corp name

I believe this statement "however in certain jurisdictions (especially Delaware), the terms "public benefit corporation" or "PBC" are also required to be in the legal name of B corporations." is incorrect as to Delaware. See: https://delcode.delaware.gov/title8/c001/sc15/ (section 362(c), emphasis added)

c) The name of the public benefit corporation *may* contain the words “public benefit corporation,” or the abbreviation “P.B.C.,” or the designation “PBC,” which shall be deemed to satisfy the requirements of § 102(a)(1)(i) of this title. *If the name does not contain such language,* the corporation shall, prior to issuing unissued shares of stock or disposing of treasury shares, provide notice to any person to whom such stock is issued or who acquires such treasury shares that it is a public benefit corporation; provided that such notice need not be provided if the issuance or disposal is pursuant to an offering registered under the Securities Act of 1933 [15 U.S.C. § 77r et seq.] or if, at the time of issuance or disposal, the corporation has a class of securities that is registered under the Securities Exchange Act of 1934 [15 U.S.C. § 78a et seq.]. — Preceding unsigned comment added by 73.120.253.201 (talk) 16:50, 26 October 2021 (UTC)

Muddles Benefit Corps (chartered by states) and B Corps (a proprietary trademark)

The article should basically not mention "B Corporations" except in a single short section distinguishing the two, because Benefit Corporations are unrelated to B Corporations. The owner of the B Corporation trademark (B Lab) is happy to have those concepts be muddled, since it increases the value of their proprietary trademark, but Wikipedia should not be helping them to encourage that confusion. The B Lab article itself says, "The B Corporation certification should not be confused with state-sanctioned benefit corporation status.", with a pertinent citation. Similarly, "B Corporation" should be a redirect to "B Lab", not to "Benefit corporation". Gnuish (talk) 03:42, 30 March 2023 (UTC)

Some states have both benefit corps and public benefit corps

Iowa updated it's laws in 2021 to enable benefit corporations (Iowa Lawyer Magazine summary), but this confused one person I spoke with because she knew about the already existing public benefit corporation. In this state, a benefit corporation (B.C.) is defined in chapter 490 of the Iowa Code, the chapter on corporations, while a public benefit corporation (P.B.C.) is defined in chapter 504, the chapter on non-profits. Are there other U.S. states that feature both types of organizations? Newz2000 (talk) 03:36, 2 May 2023 (UTC)

Proposed Correction: (History Section) regarding legitimacy of Illinois "Benefit LLC" entity type being established

After further research I believe this paragraph is not accurate.

"Illinois established a new type of entity called the "Benefit LLC", making the state the first to allow limited liability companies the same opportunities afforded to Illinois corporations under the state's benefit corporation law." (15)(16)

After reviewing the two citations (15) only mentions the bill number that was introduced and (16) references the attempt to pass the proposed SB 2358 to establish the new entity type "Benefit LLC" was just a progress update and not a confirmation of bill passage. Source: http://illinoistaskforce.files.wordpress.com/2013/04/task-force-six-month-report_4-22-13.pdf

I was able to locate the following link that shows that SB2358 failed. https://legiscan.com/IL/legislation/2013?page=52&chamber=senate&type=bill

I have not been able to find any further discussion that the state of Illinois in fact ever passed the "Benefit LLC" entity type. I did make a call to the Illinois Secretary of State's office to confirm and they told me that it didn't pass back in 2013-2014 and officially failed on failed on January 13 2015.

I would welcome any suggestions on how best to correct this inaccuracy related to this topic. Burdine72 (talk) 16:34, 26 March 2024 (UTC)