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The Benefit Corporation and Social Enterprise

The Benefit Corporation and Social Enterprise. Amy Kincaid, ChangeMatters, Benefit LLC The Foundation for Prince George’s November 10, 2011. Topic and Resource People. All about: the New Maryland Benefit Corporation Laws In the mix: social enterprise and socially-responsible biz

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The Benefit Corporation and Social Enterprise

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  1. The Benefit Corporation and Social Enterprise Amy Kincaid, ChangeMatters, Benefit LLC The Foundation for Prince George’s November 10, 2011

  2. Topic and Resource People • All about: the New Maryland Benefit Corporation Laws • In the mix: social enterprise and socially-responsible biz • Amy Kincaid • Jon Widrick, Esq. • Phil Stoler, CPA

  3. Benefit Corporation Law General and specific public benefits Protection for corporate directors Reporting Third party standards Not a certification Maryland was first in the nation to pass the law. Main Provisions

  4. Open Questions • Third Party Standard • Data • Rules and Regulations • Tax Rules and Accountability • Note: Appropriate for nonprofit corporations? Mechanics and meaning—could/should a tax exempt organization do this?

  5. Following Maryland • Vermont • New Jersey • Virginia • California (and also Flexible Purpose) • Hawaii • New York (passed, but not yet signed into law) • Four other states introduced it

  6. Maryland Benefit LLC • First and only state so far. • LLCs and contract law • For tax exempts with LLC subsidiaries, is this a good option?

  7. Who is it for? Who’s doing it?In Maryland Benefit Corporation Benefit LLC • Big Bad Woof — retail • Emory Knolls Farm — greenhouse • Blessed Coffee — importing • Taharka Bros. — fast food • Global Contribution Corp. (St. Paul, MN) — shared workspace developer Considering: LessonCast • ChangeMatters, Benefit LLC • Substance151, Benefit LLC • Clean Currents, Benefit LLC • Restaurant startup in DC • Artisan market

  8. In Virginia • Farm Community Consultants, Inc. • Riviana Natural Designs, Inc. • Sweet Charity Bake Shop, Inc. • Veura Inc • Note: Impact Makers

  9. How to File Corporate filing or amendment to Articles of Incorporation or Organization through Maryland SDAT (State Department of Assessments and Taxation) http://www.dat.state.md.us/ In Maryland

  10. In the Mix Social Enterprise ----to---- Socially-Responsible Business earned revenue, earned income ventures, nonprofit business activity, social ventures, social entrepreneurship, community wealth creation, social purpose business, social enterprise, common good enterprise, mission-driven business, socially-responsible small business, double-bottom line; triple-bottom line, benefit corporation Common Good Enterprise

  11. Continuum • Nonprofit

  12. Social Enterprise Business • Harbor City Services • Humanim • Goodwill • Baltimore Clayworks (e-Ceramica) • DC Central Kitchen • Greyston Bakery • Benetech

  13. Socially-Responsible Business • Busboys & Poets • Norwood Marble and Granite • Teavolution • Green Savings Coop • Capital City Cheesecake • Impact Makers • Rivianna

  14. For more information • Jon Widrick, Esq. Ascensus Law Group www.ascensuslaw.com widrick@ascensuslaw.com • Amy Kincaid ChangeMatters, Benefit LLC 301-588-9108 (c) www.changematters.com kincaid@changematters.com • Phil Stoler Rivlin, Lichter & Feldman pstoler@rlf-cpa.com

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