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

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Presentation transcript:

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

+ Topic and Resource People 1. All about: the New Maryland Benefit Corporation Laws 2. In the mix: social enterprise and socially-responsible biz Amy Kincaid Jon Widrick, Esq. Phil Stoler, CPA

+ 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

+ 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?

+ 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

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

+ Who is it for? Who’s doing it? In Maryland 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 Benefit CorporationBenefit LLC

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

+ How to File Corporate filing or amendment to Articles of Incorporation or Organization through Maryland SDAT (State Department of Assessments and Taxation) In Maryland

+ 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

+ Continuum Nonprofit

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

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

+ For more information Jon Widrick, Esq. Ascensus Law Group Amy Kincaid ChangeMatters, Benefit LLC (c) Phil Stoler Rivlin, Lichter & Feldman