Bill Title: Creates the Benefit Corporation Act. Provides that a corporation may elect to become a benefit corporation by amending its articles of incorporation. Provides that in addition to its purposes under the Business Corporation Act of 1983 and any specific purpose set forth in its articles of incorporation, a benefit corporation shall have a purpose of creating general public benefit. Requires the preparation of an annual report for specified distribution and filing with the Secretary of State. Defines key terms and contains provisions concerning accountability and transparency.

Spectrum: Moderate Partisan Bill (Democrat 12-3)

Status: (Passed) 2012-08-02 - Public Act . . . . . . . . . 97-0885 [SB2897 Detail]

Text: Latest bill text (Chaptered) [HTML]

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