Recent years have seen a growing interest in the adoption of environmentally sustainable and socially responsible practices by businesses. On October 24, 2012 Governor Corbett signed into law Chapter 33 of Title 15 (the Pennsylvania Associations Code) which authorizes the organization of a new form of business corporation that offers entrepreneurs and investors the option to build, and invest in, businesses that operate in a socially and environmentally responsible manner. Enforcement of those responsibilities will come not from governmental oversight, but rather from provisions on transparency and accountability included in Chapter 33. A new corporation can be formed as a benefit corporation and an existing business corporation may elect to become a benefit corporation by a two-thirds vote of its shareholders. If this is a subject of interest to you I would be happy to provide you with more information about it.
By: Alan H. Molod