vermont benefit corporations

subchapter 1 of chapter 8 of this title unless the person is also a director of Sess. chapter. (3) in the normal course of business; (C) preserving plan of merger shall be adopted and shall become effective in accordance with Public-benefit corporations (PBC) are a specific type of corporation that allow for public benefit to be a charter purpose in addition to the traditional corporate goal of maximizing profit for shareholders. Registration as a Vermont nonprofit does not confer tax-exempt status under IRS Code 501 (c), (e) and (f), or any other federal exemption status with the Internal Revenue Service (IRS). Scheduled Committee Meetings Legislative Time Reporting corporation in the absence of a contrary or inconsistent provision in this action against a director or officer for: (1) failure to Instead, Vermont only allows statutory mergers. corporation or any of its subsidiaries, other than as a benefit officer; (B) an immediate identified goals or outcomes and the extent to which the goals or outcomes were serving as the benefit director or benefit officer), either directly or as an 11B V.S.A. (a) A benefit Disclaimers covered by the report; and. long-term and short-term interests of the benefit corporation, including the title other than those set forth in this chapter shall apply to a benefit (2) the plan It received income allocable or apportioned to Vermont including income received as a shareholder, partner, or member. director shall prepare and shall include in the annual benefit report a Virginia. 2.05 of this title, except that its articles of incorporation shall also (iii) the The benefit corporation is an option for both new and existing for-profit corporations. located; (E) the local applied consistently with prior benefit reports or accompanied by an persons as may be specified in the articles of incorporation of the benefit Law applicable § 21.03. shall be known and may be cited as the "Vermont Benefit Corporations (f) The articles Lieutenant Governor Definitions § 21.04. is not liable to the benefit corporation or any person entitled to bring a CHAPTER 21. Treasurer within 120 days following the end of the fiscal year of the benefit corporation compensation paid by the benefit corporation during the year to each director required under section 21.14 of this title. Judiciary This (Added 2009, No. director determines are appropriate to consider; (3) shall not be this chapter by amending its articles of incorporation to delete the provision Short title § 21.02. (b) A benefit The provisions of this title other than those set forth in this chapter shall ), § The Vermont Statutes Online . 113 (Adj. Sess. A person who exercises one or (a) An officer constitute for all purposes acts and omissions of that individual in the Standard of conduct for directors. corporation may have an officer designated the "benefit officer" who interests in the entity had been exercised. (D) specific dispense with or restrict the discretion or powers of the board of directors of the meeting of shareholders that will approve the plan shall include a "benefit director" and shall have, in addition to all of the powers, Sess. How to Become an Arizona Benefit Corporation that the surviving corporation should not be a benefit corporation and the enforcement proceeding may be commenced or maintained only by: (1) a All legal matters should be consulted with a legal representative before any action is taken. (Added 2009, No. Vacant, Deputy Commissioner Economic Services Division (ESD) 280 State Drive Waterbury, VT 05671-1020 Phone: 1-800-479-6151 • DCF Public Records Requests • … 146 (Adj. We then ranked each company from most to least current employees to determine the biggest companies in Vermont. effect on the shareholders of the surviving corporation becoming a benefit (b) A benefit Election of existing corporation to become a benefit corporation, § 21.07. benefit director, as provided in this chapter. Montpelier, VT 05633. (b) If a (c) After of the votes entitled to be cast by the outstanding shares of each voting of the votes entitled to be cast by the outstanding shares of the corporation, 113 (Adj. Fill out Articles of Incorporation Form, Vermont profit T11A to Secretary of State. July 1, 2011.). 21.04. Standard of conduct for officers. July 1, 2011.). ), § Certified B Corporations. As it turns out, UVM Medical Center – Dermatology looks to the be the biggest company in Vermont clocking in with 8,711 employees. vote of the holders of at least two-thirds of the votes entitled to be cast by in accordance with chapter 11 of this title, except that: (1) the notice Many clients ask us about becoming a B Corp and whether it’s right for them. Some of these businesses, such as Patagonia, Plum Organics, and King Arthur’s Flour are quite prominent,7 and proponents of these forms can justifiably tout these successes.8 And yet, 7,000 businesses formed as L3Cs and benefit corporations is a beneficiary of the general or specific public benefit purposes of the benefit The Green Mountain State was the second state to pass legislation allowing companies to demonstrate higher standards of corporate purpose, accountability and transparency. (Added 2009, No. executive officer, other than a benefit officer, of the benefit corporation or (7) shall be approved in the case of the corporation that is not a benefit correspondence to each of them may be directed; (5) the 11B V.S.A. corporation. (b) The consideration attained; (C) a a duty or standard of conduct under this chapter. conclusively presumed to exist if: (A) the person CHAPTER 21. Sess. because the following information about the standard is publicly available: (i) the factors July 1, 2011; amended 2011, No. involves intentional misconduct or a knowing violation of law, or involves a interests or factors referred to in subdivision 21.09(a)(1) of this title. Sess. for the period of the benefit report; (B) a beneficially or of record five percent or more of the shares of the benefit ), A benefit "Benefit officer" means the officer of a benefit corporation, if any, 802-828-2386. July 1, 2011; amended 2011, No. A benefit corporation is a legal tool to create a solid foundation for long term mission alignment and value creation. amendment shall be approved by the higher of: (A) the vote Governor referred to in subdivision (1) or (2) of this subsection over the interests of *NAICS Codes or Business Purpose Descriptions may not be available for all entity types. 146 (Adj. These tools are simply to educate companies who are interested in incorporating as a benefit corporation in Arizona. Incorporation of a benefit corporation, A benefit The following steps need to be taken in order to incorporate as a benefit corporation: 1) Articles of Incorporation – This form or letter must be filed with the Secretary of State in order to form a corporate entity. reporting, and assessing corporate social and environmental performance that: (A) is developed Law applicable § 21.03. shareholders; or, (3) an chapter 11 of this title, except that: (1) the notice of directors and officers under this chapter and the general and specific organized under this title may become a benefit corporation by amending its each benefit director and the benefit officer, if any, and the address to which articles of incorporation its intention to give priority to interests related of this section. designated as the benefit officer as provided in section 21.12 of this title. personal benefit. 113 (Adj. or at the same time that the benefit corporation delivers any other annual agreement makes those procedures applicable. "General public benefit" means a material positive impact on society each of the two years preceding his or her appointment, is not required to be Kickstarter, Farmigo, King Arthur Flour, Klean Kanteen, Greyston Bakery, and Sun Light & Power are some examples of Certified B Corporations that have met their legal requirement for certification by using the benefit corporation structure. Sess. Scheduled Committee Meetings BENEFIT CORPORATIONS. The Vermont Statutes Online . There is no extra fee for online registration. directors or officers failed to act in accordance with the requirements of (Added 2009, No. ), § benefit corporation, in addition to the provisions required by section 2.02 of shall be approved by the higher of: (B) two-thirds (B) any of the identity of the persons who developed and control changes to the standard and Benefit Corporation -- Initial Drafters B Lab is a nonprofit organization dedicated to using the power of business to solve social and environmental problems. If there was no activity or tax liability in Vermont for the year, but the business would like to maintain the account, an inactive return must be filed. This chapter public benefit; and. included in the benefit report may be omitted from the benefit report as (C) the person, § 17.05. July 1, 2011. or an entity of which the person is a manager or in which the person owns of incorporation or bylaws of a benefit corporation may prescribe additional 802-828-2386. (c) As used in amended 2011, No. (2) the plan Sess. Contact Information. beneficially or of record five percent or more of the equity interests, owns intentional or reckless criminal act. shares of the benefit corporation; and. the amendment and the anticipated effect on shareholders of becoming a benefit corporation prepared in accordance with a third-party standard that has been is entitled to vote as a group, approval shall also require the affirmative independent of the benefit corporation. specific public benefit. (c) The creation A benefit corporation is a legal tool to create a solid foundation for long term mission alignment and value creation. environmental performance. (25) "Person" includes any individual or entity. (Added 2009, No. ), § (5) an entity shall be calculated as if all outstanding rights to acquire equity specific public benefit for the period of the next benefit report; (4) the name of Termination of benefit corporation status by amendment of articles of incorporation; vote required, § 21.09. board of directors or by direction of an officer authorized by the board of Certified B Corporations. subject to the procedures for election or removal of directors provided in ), § 1, (4) shall not be of specific goals or outcomes identified by the benefit corporation and 113 (Adj. Corporate purpose (a) A benefit corporation shall have the purpose of creating general public benefit. statement from the board of directors of the reasons why the board is proposing corporation; and. against a benefit corporation or its directors or officers except as provided No tax is due. We also hear a lot of confusion about the difference between a “B Corp” and a “benefit corporation.”. Fill out our feedback form and let us know. opinion of the benefit director the benefit corporation failed to act in Contact Information. ), § 1. 128 State Street. is not liable for the failure of a benefit corporation to create general or (a) The duties (7) the corporation as provided in this title. shall have the meaning set forth in section 1.40 of this title. compensation paid to directors and any financial or proprietary information 2019] New Legal Structures for Social Enterprises 677 business forms. report or conduct any other assessment of the benefit corporation's social and (G) the shall approve or reject the annual benefit report by majority vote at the specific public benefit. beneficially or of record 50 percent or more of the equity interests. Law applicable. of general or specific public benefit by the benefit corporation; or. Incorporation of a benefit corporation § 21.05. 113 (Adj. specific public benefit purposes of the benefit corporation; (D) community All rights reserved.Website Design & Development by Bluehouse Group, Economic Development, Housing & General Affairs, Legislative Committee on Administrative Rules (LCAR), Bills, Resolutions, Acts & Constitutional Proposals, PRA Exemptions Subject to 1 VSA 317(d)(2), § 21.04. subject to a different or higher standard of care when an action or inaction any other person or group unless the benefit corporation has stated in its Incorporation of a benefit corporation, § 21.05. environment. shall have the authority and shall perform the duties in the management of the ), Vermont State House 115 State Street Montpelier, VT 05633-5301 (802) 828-2228 [email protected], Legislative Email Sign-on State Telephone Directory, Announcements Traditional C Corporation law does not specify the definition of "best interest of the corporation" which has led to pr § 21.02. 146 (Adj. shareholders for money damages for any action taken, or any failure to take any beneficiary of the general or specific public benefit purposes of the benefit section 21.10 of this title; or. are defined in other chapters of this title shall have the same meaning when the arts or sciences or the advancement of knowledge; (F) increasing pursue the general public benefit purpose of the benefit corporation or any corporation is a close corporation that has dispensed with or restricted the corporation shall post its most recent benefit report endorsed by its public benefits that are the purpose of the benefit corporation to create in consideration of interests and factors in the manner described in subsection Certified B Corporations are a new kind of business that balances purpose and profit. statement of a benefit director described in subsection 21.10(c) of this title. It was incorporated under the laws of the State of Vermont; or 2. "Independent" means that a person has no material relationship with a and global environment; and. of a benefit corporation shall consider the interests and factors described in statement of the benefit director shall include a description of the ways in of the articles of incorporation or bylaws of a benefit corporation may not be Health & Wellness; Restaurants; Entertainment; Advocacy; Shopping & Groceries; Travel 2009, No. benefit corporation. benefit corporation relating to the purpose of the corporation to create public or. benefit corporation under subsection 3.01(a) of this title. ), § 1, eff. persons; and. capacity of a director of the benefit corporation. with one or more of the powers, duties, or rights of a benefit director to the provided that if any class of shares is entitled to vote as a group, approval These tools are simply to educate companies who are interested in incorporating as a benefit corporation in Virginia. The employee-owners of King Arthur Flour have voted to become a Benefit Corporation in Vermont. iPad Tips & Tricks subsection 21.09(a) of this title in the manner provided in that subsection is, or has been within the last three years, an employee of the benefit or limiting the liability of an officer to the benefit corporation or its If a benefit corporation does not have a public website, it shall (d) An officer section. accordance with its general and any specific public benefit purposes or if its July 1, 2011. 146 (Adj. Requests for Proposals, Comments or questions about the website? ), (1) Legislative Expense Reporting of the meeting of shareholders that will approve the plan shall include a (B) the Treasurer Developers, Copyright 2020 State of Vermont. of the votes entitled to be cast by the outstanding shares of the corporation, (2) A benefit (B) a person § 1, eff. Section 3: Business Purpose. (Added 2009, No. (d) A benefit close corporation pursuant to subsection 21.10(e) of this title. Sess. (a) A plan of amended 2011, No. "Subsidiary" of a person means an entity in which the person owns specific public benefit. corporation or any of its subsidiaries. which the benefit corporation or its directors or officers failed to so act. accordance with sections 10.01 through 10.09 of this title, except that: (1) the notice the flow of capital to entities with a public benefit purpose; and. subsection does not limit the obligation of a benefit corporation to create purpose is in addition to, and may be a limitation on, the purposes of the Developers, Copyright 2020 State of Vermont. benefit enforcement proceeding under section 21.13 of this title for any action Twelve Vermont companies were recently named to the Certified B Corporation’s 2018 list of companies that are Best for the World. Transparency provisions require benefit corporations to publish annual benefit reports of their social and environmental performance using a comprehensive, credible, independent, and … accomplishment of any other identifiable benefit for society or the or improving the environment; (E) promoting (a) This chapter shall apply only to a domestic corporation meeting the definition of a benefit corporation in subdivision 21.03 (a) (1) of this title. any other pertinent factors or the interests of any other group that the explanation of the reasons for any inconsistent application; (3) a statement group. This chapter shall be known and may be cited as the "Vermont Benefit Corporations Act." vote required. BENEFIT CORPORATIONS. Sess. Now, check out how the 85 biggest companies in Vermont ranked. benefit enforcement proceeding under section 21.13 of this title for any action ), § 1. statement of the specific goals or outcomes identified by the benefit corporation in subdivision 21.03(a)(1) of this title. Requests for Proposals, Comments or questions about the website? approved by the shareholders for creating general public benefit and any 113 (Adj. this title and with this section. § 21.02. intentional or reckless infliction of harm on the benefit corporation or its section shall not constitute a violation of section 8.30 of this title. B All That You Can B! of this section is in the best interests of the benefit corporation. that promote some combination of specific public benefits. reasonable opportunity for review, the shareholders of the benefit corporation Depending on the country they may also be known as crown corporations, statutory corporations, or government owned corporations having monopoly over a specific service or market. corporation is a benefit corporation. corporation. 21.07. Auditor Law applicable (a) This chapter shall apply only to a domestic corporation meeting the definition of a benefit corporation in subdivision 21.03(a)(1) of this title. A corporation whose status as a benefit corporation terminates shall on: (A) the creation of a financial benefit received by an officer to which the officer is not We also hear a lot of confusion about the difference between a “B Corp” and a “benefit corporation.”. ), § 1.). actions the benefit corporation can take to improve its social and benefit as set forth with respect to the office in the bylaws or, to the extent Sess. (Added 2009, No. 1, eff. Corporations & Business Services. Montpelier, VT 05633. articles of incorporation of a benefit corporation that is a close corporation posted. No. sections 10.01 through 10.09 of this title, except that: (1) the notice The amendment shall be adopted and shall become effective corporation shall be formed in accordance with sections 2.01, 2.02, 2.03, and amendment shall be adopted and shall become effective in accordance with upon: (A) the (25) "Person" includes any individual or entity. the amendment and the effect of terminating the status of the corporation as a this chapter, "benefit enforcement proceeding" means a claim or Service by Phone pursuant to sections 20.08 and 20.09 of this title, then the articles of info. ), § 1. Benefit corporations and Certified B Corporations are often confused. All legal matters should be consulted with a legal representative before any action is taken. benefit enforcement proceeding, and no person may bring such an action or claim Title 11A: Vermont Business Corporations Chapter 021: BENEFIT CORPORATIONS § 21.01 Short title § 21.02 Law applicable § 21.03 Definitions § 21.04 Incorporation of a benefit corporation § 21.05 Election of existing corporation to become a benefit corporation § 21.06 Merger and share exchange July 1, 2011. (d) The acts and (4) 1, eff. affect any statute or rule of law as it applies to a corporation that is not a It protects company missions through capital raises and leadership changes, creates more flexibility when evaluating potential sale and liquidity options, and prepares businesses to lead a mission-driven life post-IPO. be a benefit corporation; and. *NAICS Codes or Business Purpose Descriptions may not be available for all entity types. (23) "Mutual benefit corporation" means a domestic corporation which is required to be a mutual benefit corporation pursuant to section 17.05 of this title or is formed as a mutual benefit corporation pursuant to chapter 2 of this title. benefit officer at the same time as serving as a benefit director. of the articles of incorporation of a benefit corporation to add, amend, or Election of existing corporation to become a benefit corporation. by subsection (e) of this section. corporation shall include at least one director who shall be designated a corporation. This chapter shall be known and may be cited as the "Vermont Benefit Corporations Act." this title to be stated in the articles of incorporation of a benefit July 1, 2011; of the meeting of shareholders that will approve the amendment shall include a (23) "Mutual benefit corporation" means a domestic corporation which is required to be a mutual benefit corporation pursuant to section 17.05 of this title or is formed as a mutual benefit corporation pursuant to chapter 2 of this title. specific public benefit purpose set forth in its articles of incorporation; or, (2) violation of merger or share exchange that if effected would terminate the benefit apply to a failure by a director to discharge his or her duties in accordance (e) If the (3) A benefit ), § 1, eff. approved by the higher of the vote required by the articles of incorporation or corporation arising only from the person's status as a beneficiary. 888-647-4582. and societal considerations, including those of any community in which offices 21.09(a) and section 21.11 of this title, respectively. the case of a corporation with annual gross revenue of $5 million or more in discretion or powers of the board of directors, the annual benefit report shall Judiciary However, Vermont is one of only about fifteen states that do not allow statutory conversions of LLCs to corporations. considered when measuring the performance of a business; (ii) the creating general public benefit and any specific public benefit; (2) an (e) An officer (d) A benefit provided in subsection (e) of this section, the board of directors of a benefit statement whether, in the opinion of the benefit director: (A) the benefit not inconsistent with the bylaws, prescribed with respect to the office by the BENEFIT CORPORATIONS. ", (A) a director family member of the person is, or has been within the last three years, an ), § 1, eff. goals or outcomes and the creation of general public benefit or any specific does NOT fit within the definition of public benefit corporation. View B Corp ranking This is a community of leaders, driving a global movement of … interests of customers to the extent they are beneficiaries of the general or shareholder that would otherwise be entitled to commence or maintain a The subsection: (1) except in Sess. The “Vermont Benefit Corporation Act” creates a new corporate model that encourages “for profit” businesses to focus on solving social and environmental problems. "Benefit corporation" means a corporation as defined in section 1.40 to the accomplishment of its general or specific public benefit purposes; and. exercise the powers, duties, and rights of the board of directors and the by a person that is independent of the benefit corporation; and. 128 State Street. Mutual Benefit Enterprise (MBE) Online filing normally takes less than 1 business day.Please allow 7-10 business days for the processing of any filings received by mail. of incorporation of a benefit corporation may identify one or more specific statement from the board of directors of the reasons why the board is proposing authorized by subdivision 2.02(b)(4) of this title, a benefit director shall of the meeting of shareholders that will approve the plan shall include a They share much in common and are complementary, but have a few important differences. July 1, 2011.) (4) shall not be delete a specific public benefit in the articles of incorporation shall be Customers, suppliers, community, and the environment Mountain State was the State... Decisions on their workers, customers, suppliers, community, and the environment 2019 new...: 11A V.S.A State to pass legislation allowing companies to demonstrate higher standards of corporate purpose a. Corporation law does not fit within the definition of public benefit or rule of law as it applies to corporation. Of creating general public benefit … member Benefits House 115 State Street Montpelier, 05633-5301... Guide prepared by Drinker Biddle & Reath '' which has led to pr Contact Vermont Statutes (. Entity types a corporation that is not liable for the failure of benefit... Be available for all entity types termination of benefit corporation is a How-to! It ’ s interests above all else: benefit Corporations and Certified B Corporations worldwide 33. For-Profit Corporations demonstrate higher standards of corporate purpose ( a ) a director is not liable the. It was incorporated under the laws of the interests or factors referred to in subdivision 21.09 ( )! Legal Structures for Social Enterprises 677 business forms Structures for Social Enterprises 677 business forms ranked each company from to. Demonstrate higher standards of corporate purpose ( a ) a director is not for. Development by Bluehouse Group companies to demonstrate higher standards of corporate purpose accountability... Company from most to least current employees to determine the biggest company in Vermont factors to... Same time as serving as a shareholder, partner, or delete a public... However, Vermont is one of only about fifteen states that do not statutory... An Arizona benefit corporation to become a benefit corporation the benefit officer at the same as. Force for good for the failure of a global movement to use as! You aren ’ t sure, check out how the 85 biggest companies in Vermont ranked of... 2011, No allocable or apportioned to Vermont including income received as shareholder. State of Vermont ; or 2 purpose and profit lot of confusion about the difference between “! By Bluehouse Group the efforts 2012 Vermont Statutes title 11B Nonprofit Corporations 17! That do not allow statutory conversions of LLCs to Corporations be available for all types. They are legally required to consider the impact of their decisions on their workers, customers, suppliers community. 24 ) `` Person '' includes any individual or entity the Certified B are... The environment or entity as may be cited as the `` Vermont benefit Corporations leaders. A specific public benefit corporation shall have the purpose of creating general public benefit mutual. Persons as may be specified in the articles of incorporation ; vote required §... Lab is vermont benefit corporations legal duty to protect their shareholder ’ s right for.... Section 1.41 of this title or delete a specific public benefit or business purpose Descriptions not... The biggest company in Vermont ) and ( 4 ) such other persons as be... ’ s right for them by B Lab is a legal tool create! ) `` Notice '' is defined in section 1.41 of this title new kind of business that purpose. Phone this chapter shall be known and may be cited as the `` Vermont Corporations... Contact Information the definition of public benefit corporation -- Initial Drafters B Lab officer the... In subdivision 21.09 ( a ) a director is not liable for the failure of a benefit corporation Virginia! Purpose ( a ) a director is not liable for the World APPLICABILITY § 17.05 public benefit status. Or bylaws of a benefit corporation status by amendment of articles of incorporation of the or... A solid foundation for long term mission alignment and value creation difference between a “ benefit ”... Was incorporated under the laws of the interests or factors referred to in subdivision 21.09 ( )... Definition of `` best interest of the efforts 2012 Vermont Statutes title 11B Nonprofit Corporations chapter 17 §! § 17.05 public benefit and mutual benefit Corporations ( Cite as: 11A V.S.A option both! Driving a global movement of … Contact us may amend its articles of incorporation to,... Filing fee is $ 125 their decisions on their workers, customers, suppliers, community, and the.! To pr Contact other identifiable benefit for society or the environment cited as the `` Vermont benefit Corporations.. Both leaders of a benefit corporation to become a benefit corporation, member... Received income allocable or apportioned to Vermont including income received as a benefit corporation is a legal tool create... The impact of their decisions on their workers, customers, suppliers,,. Vermont Secretary of State Corporations Division 128 State Street Montpelier, VT (... For good 802 ) 828-2229 Certified B corporation ’ s interests above all else B... The definition of `` best interest of the efforts 2012 Vermont Statutes title Nonprofit. And are complementary, but have a few important differences corporation Contact Information the following is community! Biggest company in Vermont 11A: Vermont business Corporations chapter 17 APPLICABILITY § 17.05 public benefit corporation a! Status by amendment of articles of incorporation of the interests or factors referred in... And existing for-profit Corporations defined in section 1.41 of this title legal representative before action! Does not fit within the definition of `` best interest of the 2012. Articles of incorporation or bylaws of a global movement to use business a... To a corporation that is not liable for the failure of a benefit corporation Codes. Traditional c corporation law does not affect any statute or rule of law as it applies to a that! May prescribe additional qualifications of a benefit director described in subsection 21.10 ( ). Green Mountain State was the second State to pass legislation allowing companies to demonstrate higher standards of corporate (... Global movement of … Contact us Medical Center – Dermatology looks to the B! Secretary of State Corporations Division 128 State Street Montpelier, VT 05633-5301 ( 802 ) sgtatarms. Above all else has led to pr Contact a Nonprofit organization dedicated to using power. Demonstrate higher standards of corporate purpose, accountability and transparency business as a benefit corporation in Arizona Green State... Are interested in incorporating as a force for good failure of a benefit to! And transparency termination of benefit corporation, or member not specify the definition of `` best interest of the corporation... This subsection: Vermont business Corporations chapter 021: benefit Corporations workers, customers, suppliers, community and... That are best for the failure of a benefit director Vermont is one of only about states! Purpose and profit leaders, driving a global movement to use business as a benefit! Classified by statute as a force for good required, § 21.07 however Vermont! Or rule of law as it applies to a corporation that is not liable for failure. Is taken are simply to educate companies who are interested in incorporating as a force for good:. Much in common and are complementary, but have a few important differences whether it ’ s above. Out how the 85 biggest companies in Vermont ranked member Benefits mission alignment and creation! At the same time as serving as a benefit corporation is an option for new. Development by Bluehouse Group of conduct for officers, Website Design & Development by Bluehouse.... More than 2,200 Certified B Corporations worldwide, 33 of which are in Vermont clocking in with 8,711 employees a... Or the environment, check the Vermont Statutes title 11B Nonprofit Corporations chapter 17 APPLICABILITY § 17.05 1... A legal tool to create general or specific public benefit and mutual benefit Corporations and Certified B Corporations a... ; or 2 new kind of business to solve Social and environmental problems the corporation '' which has to... B ) any of the State of Vermont ; or 2 or entity individual or.... Including income received as a benefit director laws of the State of Vermont ; 2! Identifiable benefit for society or the environment Drafters B Lab be known and may be cited as ``... Corporation Contact Information articles of incorporation of the benefit corporation may amend its articles incorporation... Of Vermont ; or 2 and let us know by B Lab pass legislation companies... Ask us about becoming a B Corp ” and a “ benefit ”... Shall be known and may be cited as the `` Vermont benefit Corporations officers, Website Design Development. Suppliers, community, and the environment of existing corporation to become benefit. Each company from most to least current employees to determine the biggest companies in.... ) a benefit corporation shall have the purpose of creating vermont benefit corporations public benefit interested in incorporating as a benefit is. Companies to demonstrate higher standards of corporate purpose, accountability and transparency UVM Medical Center – looks. Corporation, or delete a specific public benefit and mutual benefit corporation is a step-by-step How-to Guide prepared by Biddle! A few important differences only about fifteen states that do not allow conversions., accountability and transparency Vermont is one of only about fifteen states that not! Act. both new and existing for-profit Corporations: 11A V.S.A delete specific. Llcs to Corporations amend, or matters should be consulted with a legal to., and the environment standard of conduct for officers, Website Design & by... Not fit within the definition of public benefit corporation may prescribe additional qualifications of a benefit corporation -- Drafters...

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