What's New

Georgia is added to the list of states that recognize Benefit Corporations

Submitted by UCS on July 13, 2020

On June 25th, the Georgia Legislature passed HB230 providing for the creation of Benefit Corporations. To review a copy of the legislation click here.

What is a Benefit Corporation?

A benefit corporation is a traditional corporation with modified obligations committing it to higher standards of purpose, accountability and transparency:

Purpose: Benefit corporations commit to creating public benefit and sustainable value in addition to generating profit. This sustainability is an integral part of their value proposition.
Accountability: Benefit corporations are committed to considering the company’s impact on society and the environment in order to create long-term sustainable value for all stakeholders.
Transparency: Benefit corporations are required to report, in most states annually and using a third party standard, showing their progress towards achieving social and environmental impact to their shareholders and in most cases the wider public.

Is a Benefit Corporation a for-profit company?
Yes. Benefit corporations are for-profit companies that want to consider additional stakeholders, morals or missions in addition to making a profit for their shareholders.

Which states currently recognize Benefit Corporation legislation?

  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Maine
  • Maryland
  • Massachusetts
  • Minnesota
  • Mississippi
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New York*
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington D.C.
  • West Virginia

*New York does not allow registration of a foreign Benefit Corporation.

For more information please contact a Client Service Representative at (800)899-8649 or info@unitedcorporate.com.