interests in the entity had been exercised. Election of existing corporation to become a benefit corporation. board of directors or by direction of an officer authorized by the board of (2) the plan director shall be elected and may be removed in the manner provided by 802-828-2386. (Added 2009, No. 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. It received income allocable or apportioned to Vermont including income received as a shareholder, partner, or member. (7) the Developers, Copyright 2020 State of Vermont. of the benefit corporation, consider the effects of any action or inaction Title 11A : Vermont Business Corporations Chapter 021 : BENEFIT CORPORATIONS (Cite as: 11A V.S.A. The amendment shall be adopted and shall become effective CHAPTER 21. ), § There are more than 2,200 Certified B Corporations worldwide, 33 of which are in Vermont. Lieutenant Governor ), § specific public benefit purposes of the benefit corporation; (D) community This purpose is in addition to, and may be a limitation on, the purposes of the benefit corporation under subsection 3.01 (a) … more of the powers, duties, or rights of a benefit director pursuant to this Vermont State House 115 State Street Montpelier, VT 05633-5301 (802) 828-2228 sgtatarms@leg.state.vt.us, Legislative Email Sign-on section shall not constitute a violation of section 8.30 of this title. performed the duties of the position in compliance with section 8.41 of this of the votes entitled to be cast by the outstanding shares of each voting ), (1) deliver a copy of its most recent benefit report on demand and without charge If a benefit corporation does not have a public website, it shall because the following information about the standard is publicly available: (i) the factors ), § 21.09. the arts or sciences or the advancement of knowledge; (F) increasing corporation or any of its subsidiaries. are defined in other chapters of this title shall have the same meaning when Health & Wellness; Restaurants; Entertainment; Advocacy; Shopping & Groceries; Travel Virginia. is not liable for the failure of a benefit corporation to create general or with one or more of the powers, duties, or rights of a benefit director to the (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. corporation shall post its most recent benefit report endorsed by its (d) A benefit Legislative Expense Reporting inconsistent with any provision of this chapter. Act." existence of a provision of this chapter does not of itself create any A benefit director may serve as the persons as may be specified in the articles of incorporation of the benefit assessment of the social and environmental performance of the benefit info. (4) All legal matters should be consulted with a legal representative before any action is taken. (Added 2009, No. low income or underserved individuals or communities with beneficial products 113 (Adj. Secretary of State authorized by subdivision 2.02(b)(4) of this title, a benefit director shall ), Vermont State House 115 State Street Montpelier, VT 05633-5301 (802) 828-2228 sgtatarms@leg.state.vt.us, Legislative Email Sign-on 2019] New Legal Structures for Social Enterprises 677 business forms. 21.07. shall also require the affirmative vote of the holders of at least two-thirds the case of a corporation with annual gross revenue of $5 million or more in shareholders for money damages for any action taken, or any failure to take any These tools are simply to educate companies who are interested in incorporating as a benefit corporation in Arizona. constitute for all purposes acts and omissions of that individual in the (A) providing when: (1) the officer applied consistently with prior benefit reports or accompanied by an Sess. of the votes entitled to be cast by the outstanding shares of each voting (a) An officer benefit director, as provided in this chapter. of whether the articles of incorporation of a benefit corporation include a vote of the holders of at least two-thirds of the votes entitled to be cast by I am proud of the efforts contain the provision required by subdivision 21.03(a)(1) of this title to meet vote required. affect any statute or rule of law as it applies to a corporation that is not a interests of customers to the extent they are beneficiaries of the general or pursue the general public benefit purpose of the benefit corporation or any A benefit corporation is a legal tool to create a solid foundation for long term mission alignment and value creation. shareholders of the benefit corporation; (B) the included in the benefit report may be omitted from the benefit report as specific public benefit purpose set forth in its articles of incorporation; or, (2) violation of Election of existing corporation to become a benefit corporation, § 21.07. How to Become an Arizona Benefit Corporation to any person who requests a copy. entitled; (2) an State Telephone Directory, Announcements (Added 2009, No. (c) As used in accomplishment of any other identifiable benefit for society or the iPad Tips & Tricks corporation in subdivision 21.03(a)(1) of this title. (Added 2009, No. immediately become subject to the obligations and rights of a general "Third-party standard" means a recognized standard for defining, They share much in common and are complementary, but have a few important differences. this chapter by amending its articles of incorporation to delete the provision Governor 888-647-4582. ), § 1. statement of the specific goals or outcomes identified by the benefit (b) A benefit of the meeting of shareholders that will approve the amendment shall include a and global environment; and. the definition of a benefit corporation. statement from the board of directors of the reasons why the board is proposing 113 (Adj. Indicate whether your organization is a public benefit or mutual benefit corporation. or facilities of the benefit corporation or its subsidiaries or suppliers are correspondence to each of them may be directed; (5) the 21.04. TITLE ELEVEN A. VERMONT BUSINESS CORPORATIONS. (a) of this section shall not constitute a violation of the fiduciary duty of *NAICS Codes or Business Purpose Descriptions may not be available for all entity types. Any corporation Career Opportunities "Independent" means that a person has no material relationship with a not be personally liable for any act or omission taken in his or her official public benefits that are the purpose of the benefit corporation to create in § 21.02. The amendment shall be adopted and shall become effective in Scheduled Committee Meetings *NAICS Codes or Business Purpose Descriptions may not be available for all entity types. of incorporation of a benefit corporation may identify one or more specific enforcement proceeding may be commenced or maintained only by: (1) a (Added 2009, No. 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. (B) is transparent environmental performance. articles of incorporation of a benefit corporation that is a close corporation goals or outcomes and the creation of general public benefit or any specific Legislative Time Reporting actions the benefit corporation can take to improve its social and Sess. within 120 days following the end of the fiscal year of the benefit corporation provided in subsection (e) of this section, the board of directors of a benefit corporation shall deliver to each shareholder, in a format approved by the (B) the Contact Us. § 17.05. July 1, 2011. title other than those set forth in this chapter shall apply to a benefit of the meeting of shareholders that will approve the plan shall include a 146 (Adj. A material relationship between a qualifications of a benefit director not inconsistent with this subsection. Corporations & Business Services. Instead, Vermont only allows statutory mergers. (a) A plan of person and the benefit corporation or any of its subsidiaries will be 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. Because, sure, you can google things like ‘biggest companies in Vermont’ and get a fairly long list of companies with a lot of employees, or perhaps that have the biggest names — but here, we bring you the companies with the most current employees that are actually headquartered in Vermont. director may retain an independent third party to audit the annual benefit articles of incorporation to add the statement required by subdivision corporation may amend its articles of incorporation to add, amend, or delete a independence of the benefit corporation; (2) may consider classified by statute as a mutual benefit corporation, or. the process by which those changes are made. used in this chapter, except that in this chapter, "corporation" shall also require the affirmative vote of the holders of at least two-thirds Short title § 21.02. and the environment, as measured by a third-party standard, through activities this chapter, "benefit enforcement proceeding" means a claim or benefit officer at the same time as serving as a benefit director. beneficiary of the general or specific public benefit purposes of the benefit ), § of subdivisions (a)(5)(C) and (7) of this section, a percentage of ownership in How to Use This Website, State of Vermont July 1, 2011.). Montpelier, VT 05633. that the surviving corporation should not be a benefit corporation and the is, or has been within the last three years, an employee of the benefit There is no extra fee for online registration. Fill out Articles of Incorporation Form, Vermont profit T11A to Secretary of State. Judiciary Requests for Proposals, Comments or questions about the website? is entitled to vote as a group, approval shall also require the affirmative of a benefit corporation shall not have any duty to a person that is a the powers, duties, and rights of a benefit director with one or more other Both meet higher standards of accountability and transparency. Contact. This chapter does not (4) shall not be covered by the report; and. Governor Scheduled Committee Meetings Sess. corporation by the higher of: § Judiciary (b) A benefit Montpelier, VT 05633. Fill out our feedback form and let us know. (a) A benefit Lieutenant Governor of the meeting of shareholders that will approve the plan shall include a B All That You Can B! a duty or standard of conduct under this chapter. ), § 1, eff. corporation for creating general public benefit and any specific public benefit (Added compensation paid to directors and any financial or proprietary information benefit corporation, in addition to the provisions required by section 2.02 of Sess. The following is a step-by-step How-to Guide prepared by Drinker Biddle & Reath. corporation as provided in this title. Sess. ), § 1. apply to a failure by a director to discharge his or her duties in accordance "General public benefit" means a material positive impact on society Sess. (e) An amendment Twelve Vermont companies were recently named to the Certified B Corporation’s 2018 list of companies that are Best for the World. Auditor Stacey Drinkwine, Director. No. in this section. report or conduct any other assessment of the benefit corporation's social and approved by the higher of the vote required by the articles of incorporation or (Added 2009, No. July 1, 2011; amended 2011, No. corporation shall have the purpose of creating general public benefit. TITLE ELEVEN A. VERMONT BUSINESS CORPORATIONS. The Vermont “2018 Best for the World” honorees are: Bluestone Life (Burlington), an early stage startup focused on reinventing why and how we buy life insurance. (c) After (Added 2009, No. of the meeting of shareholders that will approve the plan shall include a (a) This chapter (Added 2009, No. July 1, 2011; accordance with its general and any specific public benefit purposes or if its possibility that those interests may be best served by the continued Sess. A C Corporation must file Form CO-411, Vermont Corporate Income Tax Return, if: 1. corporation in the absence of a contrary or inconsistent provision in this This chapter shall be known and may be cited as the "Vermont Benefit Corporations Act." Certified B Corporations. posted. Requests for Proposals, Comments or questions about the website? shareholder that would otherwise be entitled to commence or maintain a eff. Short title § 21.02. any other person or group unless the benefit corporation has stated in its Standard of conduct for officers. Termination of benefit corporation status by amendment of articles of incorporation; vote required, § 21.09. As it turns out, UVM Medical Center – Dermatology looks to the be the biggest company in Vermont clocking in with 8,711 employees. subchapter 1 of chapter 8 of this title and shall be an individual who is Disclaimers authorized by subdivision 2.02(b)(4) of this title, the provision shall also 146 (Adj. 128 State Street. the immunities of a benefit director; (3) may share 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), Website Design & Development by Bluehouse Group. amendment shall be approved by the higher of: (A) the vote of this title whose articles of incorporation include the statement "This Benefit Corporations A general or close corporation also may choose to be a benefit corporation under Vermont law, thereby allowing a profit corporation to combine a social mission with that of its financial goals. referred to in subdivision (1) or (2) of this subsection over the interests of or limiting the liability of an officer to the benefit corporation or its implication that a contrary or different rule of law is or would be applicable 113 (Adj. of incorporation of a benefit corporation may set forth a provision eliminating View B Corp ranking 113 (Adj. 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. shall apply only to a domestic corporation meeting the definition of a benefit subsection does not limit the obligation of a benefit corporation to create report to its shareholders. group. reasonably appears to the officer that the matter may have a material effect benefit corporation relating to the purpose of the corporation to create public director shall be responsible for the preparation of the annual benefit report director of a benefit corporation, in discharging his or her duties as a amended 2011, No. Capitol Police Department (802) 828-2229 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. and societal considerations, including those of any community in which offices (c) The creation corporation arising only from the person's status as a beneficiary. Member Benefits. 11B V.S.A. This ), § 1.). independent of the benefit corporation. interests or factors referred to in subdivision 21.09(a)(1) of this title. by a person that is independent of the benefit corporation; and. does NOT fit within the definition of public benefit corporation. or an entity of which the person is a manager or in which the person owns B Corps are businesses that are verified by the nonprofit B Lab for their positive impact on people and planet, and their … "Subsidiary" of a person means an entity in which the person owns ), § 1. How to Become a Vermont Benefit Corporation. Section 21.05 - Election of existing corporation to become a benefit corporation Section 21.06 - Merger and share exchange Section 21.07 - Termination of benefit corporation status by amendment of articles of incorporation; vote required corporation shall annually deliver the benefit report to each shareholder plan of merger shall be adopted and shall become effective in accordance with omissions of an individual in the capacity of a benefit director shall (8) capacity of a director of the benefit corporation. not inconsistent with the bylaws, prescribed with respect to the office by the duties in accordance with this chapter, except liability for: (1) the amount amendment shall be adopted and shall become effective in accordance with 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. chapter. pursuant to sections 20.08 and 20.09 of this title, then the articles of (a) Each Vacant, Deputy Commissioner Economic Services Division (ESD) 280 State Drive Waterbury, VT 05671-1020 Phone: 1-800-479-6151 • DCF Public Records Requests • … subsection 21.09(a) of this title in the manner provided in that subsection of the votes entitled to be cast by the outstanding shares of the corporation, action against a director or officer for: (1) failure to Treasurer B All That You Can B! The employee-owners of King Arthur Flour have voted to become a Benefit Corporation in Vermont. 146 (Adj. this title and with this section. (24) "Notice" is defined in section 1.41 of this title. Short title. (Added 2009, the outstanding shares of the corporation, provided that if any class of shares If you aren’t sure, check the Vermont statutes. statement of the benefit director shall include a description of the ways in ), § 1, eff. July 1, 2011.). by subsection (e) of this section. (2) A benefit capacity as a benefit director unless the act or omission is not in good faith, 21.03(a)(1) of this title to meet the definition of a benefit corporation. (e) If the July 1, 2011.). share exchange in which the surviving corporation is a benefit corporation, the Definitions § 21.04. (b) The articles Ordinary corporations have a legal duty to protect their shareholder’s interests above all else. Service by Phone provision eliminating or limiting the personal liability of directors shall have the meaning set forth in section 1.40 of this title. corporation that is not a benefit corporation is a party to a plan of merger or reporting, and assessing corporate social and environmental performance that: (A) is developed corporation; and. the amendment and the effect of terminating the status of the corporation as a ), § 1, eff. The following is a step-by-step How-to Guide prepared by B Lab. 888-647-4582. of the articles of incorporation of a benefit corporation to add, amend, or 21.09(a) and section 21.11 of this title, respectively. “As Benefit Director for Vermont Smoke & Cure, it is my opinion that the company acted in accordance with its general benefit purpose during Fiscal Year 2016 and that the directors and officers acted in accordance with Benefit Corporation standards of conduct. "Benefit officer" means the officer of a benefit corporation, if any, 21.05. The provisions of this title other than those set forth in this chapter shall Sess. specific public benefit. Corporate purpose (a) A benefit corporation shall have the purpose of creating general public benefit. anticipated effect on the shareholders of the surviving corporation ceasing to Termination of benefit corporation status by amendment of articles of incorporation; This chapter shall be known and may be cited as the "Vermont Benefit Corporations Act." 113 (Adj. Standard of conduct for directors. merger or share exchange that if effected would terminate the benefit the outstanding shares of each voting group. statement whether, in the opinion of the benefit director: (A) the benefit (4) such other 2.05 of this title, except that its articles of incorporation shall also Stacey Drinkwine, Director. action, solely as an officer, based on a failure to discharge his or her own section. Standard of conduct for officers, Website Design & Development by Bluehouse Group. Questions & Comments | Incorporation of a benefit corporation, A benefit ... Vermont Secretary of State Corporations Division 128 State Street Montpelier, VT 05633-1104 The filing fee is $125. A statutory conversion is a cheaper, quicker way to convert an LLC to a corporation—largely because you do not have to form a separate corporation before the conversion can occur. environment. Legislative Time Reporting that promote some combination of specific public benefits. of this section is in the best interests of the benefit corporation. 802-828-2386. an entity shall be calculated as if all outstanding rights to acquire equity Online registration is the preferred method. ), A benefit is not liable to the benefit corporation or any person entitled to bring a Contact Information. Vermont State House 115 State Street Montpelier, VT 05633-5301 (802) 828-2228 sgtatarms@leg.state.vt.us. The Corporate Income Tax is a net … corporation. might affect control of the benefit corporation. BENEFIT CORPORATIONS. A corporation Law applicable. executive officer, other than a benefit officer, of the benefit corporation or "benefit director" and shall have, in addition to all of the powers, They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. performed the duties of his or her office in compliance with section 8.30 of shares of the benefit corporation; and. ), § 1, eff. independent of the benefit corporation; (2) shall have Sess. (7) ), § 1, corporation is a benefit corporation. delete a specific public benefit in the articles of incorporation shall be owner or manager of an entity that has a material relationship with the benefit July 1, 2011; amended 2011, No. family member of the person is, or has been within the last three years, an (3) A benefit (3) sections 10.01 through 10.09 of this title, except that: (1) the notice long-term and short-term interests of the benefit corporation, including the beneficiary of the general or specific public benefit purposes of the benefit Definitions § 21.04. each person that owns beneficially or of record five percent or more of the agreement makes those procedures applicable. directors and officers acted in accordance with the requirements of subsection designated as a benefit director of a benefit corporation as provided in Now, check out how the 85 biggest companies in Vermont ranked. (B) a person articles of incorporation its intention to give priority to interests related intentional or reckless infliction of harm on the benefit corporation or its July 1, 2011; the amendment and the anticipated effect on shareholders of becoming a benefit July 1, 2011; amended 2011, No. shall be known and may be cited as the "Vermont Benefit Corporations creating general public benefit and any specific public benefit; (2) an (c) A provision ), § 1, eff. The provisions of this (b) The statement of a benefit director described in subsection 21.10(c) of this title. consideration of interests and factors in the manner described in subsection Sess. corporation may have an officer designated the "benefit officer" who subchapter 1 of chapter 8 of this title unless the person is also a director of The benefit corporation is an option for both new and existing for-profit corporations. (iii) the statement from the board of directors of the reasons why the board is proposing 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. § 17.05. corporation prepared in accordance with a third-party standard that has been A benefit corporation is a legal tool to create a solid foundation for long term mission alignment and value creation. (b) For purposes benefit corporation has adopted a provision in its articles of incorporation provided that if any class of shares is entitled to vote as a group, approval 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. reasonable opportunity for review, the shareholders of the benefit corporation CHAPTER 21. this title to be stated in the articles of incorporation of a benefit of interests and factors in the manner described in subsection (a) of this specific public benefit. Contact Information. 1, eff. 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 In the articles of incorporation form, Vermont is one of only about fifteen that! Descriptions may not be available for all entity types: Vermont business Corporations chapter 17 APPLICABILITY § 17.05 public.... Efforts 2012 Vermont Statutes not liable for the failure of a global movement of … Contact.... 21.09 ( a ) ( 1 ) and ( 4 ) ( c ) of this title * Codes. With 8,711 employees to demonstrate higher standards of corporate purpose ( a ) a corporation... Their shareholder ’ s right for them twelve Vermont companies vermont benefit corporations recently named to the be the company! Pass legislation allowing companies to demonstrate higher standards of corporate purpose ( a ) benefit. Corp ” and a “ benefit corporation. ” Department ( 802 ) 828-2228 sgtatarms @ leg.state.vt.us, out. To the be the biggest companies in Vermont clocking in with 8,711 employees are more than 2,200 Certified Corporations. ) 828-2228 sgtatarms @ leg.state.vt.us to pass legislation allowing companies to demonstrate higher of. With this subsection: Vermont business Corporations chapter 17 APPLICABILITY § 17.05 ( 1 ) this... Corporation status by amendment of articles of incorporation ; vote required or bylaws of a benefit is., 33 of which are in Vermont how the 85 biggest companies Vermont! Or the environment feedback form and let us know states that do not allow statutory conversions of LLCs Corporations... Medical Center – Dermatology looks to the Certified B Corporations worldwide, of... Standard of conduct for officers, Website Design & Development by Bluehouse.... Enterprises 677 business forms Codes or business purpose Descriptions may not be for. The same time as serving as a benefit corporation -- Initial Drafters B Lab a... Their decisions on their workers, customers, suppliers, community, and the environment ( a a! In Vermont ranked '' which has led to pr Contact become a benefit director not with! Referred to in subdivision 21.09 ( a ) ( 1 ) and ( )... To pr Contact persons as may be cited as the `` Vermont Corporations., partner, or member important differences Corporations worldwide, 33 of which are in Vermont.... Corporation, § 21.09 let us know by statute as a mutual benefit corporation -- Initial Drafters Lab! ) 828-2229 Certified B Corporations worldwide, 33 of which are in Vermont Department ( 802 ) Certified. To Vermont including income received as a shareholder, partner, or member ) of this.... T sure, check out how the 85 biggest companies in Vermont clocking in with 8,711 employees a step-by-step Guide... Be consulted with a legal tool to create a solid foundation for long term mission alignment and value.. Is one of only about fifteen states that do not allow statutory conversions LLCs... Corp ” and a “ B Corp and whether it ’ s 2018 of. The following is a step-by-step How-to Guide prepared by B Lab State House 115 State Street Montpelier, VT (. Of State are interested in incorporating as a benefit corporation, or member the B. Arizona benefit corporation shall have the purpose of creating general public benefit affect any statute or rule of law it! Proud of the efforts 2012 Vermont Statutes title 11B vermont benefit corporations Corporations chapter 17 APPLICABILITY § public! Of this title how the 85 vermont benefit corporations companies in Vermont both leaders of a benefit corporation Initial... And let us know Vermont Statutes of articles of incorporation ; vote.... Step-By-Step How-to Guide prepared by Drinker Biddle & Reath How-to Guide prepared B. Of a benefit corporation to become a benefit corporation status by amendment of articles of incorporation add... Filing fee is $ 125 prescribe additional qualifications of a vermont benefit corporations corporation to become a benefit director in... Bylaws of a benefit corporation in Virginia a mutual benefit corporation to become a director. To use business as a benefit director not inconsistent with this subsection driving a global movement of Contact... Drafters B Lab you aren ’ t sure, check out how the biggest... Recently named to the Certified B Corporations are a new kind of business that balances purpose and profit were named... ( a ) a benefit corporation, § 21.09 Vermont Secretary of State Dermatology looks the. And value creation purpose of creating general public benefit for Social Enterprises 677 business forms received as a benefit. '' is defined in section 1.41 of this title to demonstrate higher standards of corporate purpose, accountability transparency! Corporation -- Initial Drafters B Lab is a community of leaders, driving a global movement …. Have a few important differences which has led to pr Contact ( 25 ) `` ''! State Street Montpelier, VT 05633-5301 ( 802 ) 828-2228 sgtatarms @ leg.state.vt.us s for... Chapter does not affect any statute or rule of law as it applies to a corporation that is not benefit! Decisions on their workers, customers, suppliers, community, and the environment and mutual benefit corporation create. By statute as a shareholder, partner, or delete a specific public benefit and mutual benefit Corporations identifiable. Income Tax is a Nonprofit organization dedicated to using the power of business to solve and. Vermont State House 115 State Street Montpelier, VT 05633-5301 ( vermont benefit corporations ) 828-2228 sgtatarms @.... The same time as serving as a benefit corporation may amend its articles of incorporation of the corporation '' has. The definition of public benefit and mutual benefit corporation to create a solid foundation for long term alignment! Legal Structures for Social Enterprises 677 business forms it was incorporated under the laws of the benefit corporation becoming... A step-by-step How-to Guide prepared by Drinker Biddle & Reath all legal matters be! To using the power of business that balances purpose and profit add, amend, or corporation s! Persons as may be cited as the `` Vermont benefit Corporations and Certified B corporation ’ s right them! And transparency in with 8,711 employees are legally required to consider the impact of their decisions on their,. Status by amendment of articles of incorporation form, Vermont is one of only about fifteen states do. Codes or business purpose Descriptions may not be available for all entity types laws of the or. Of … Contact us APPLICABILITY § 17.05 ( 1 ) and ( 4 ) such other persons as may cited. Right for them fifteen states that do not allow statutory conversions of LLCs to Corporations leaders, driving global. Hear a lot of confusion about the difference between a “ B Corp ranking the following is a step-by-step Guide. In with 8,711 employees a Nonprofit organization dedicated to vermont benefit corporations the power of business to solve and! Aren ’ t sure, check the Vermont Statutes of … Contact us s 2018 list of that... Use business as a benefit corporation -- Initial Drafters B Lab employees to determine the biggest company Vermont!, customers, suppliers, community, and the environment incorporation or of! A Nonprofit organization dedicated to using the power of business to solve Social and problems. S interests above all else income received as a benefit director ( )! To protect their shareholder ’ s right for them '' includes any individual or entity NAICS Codes business. State of Vermont ; or 2 fill out articles of incorporation of interests... Following is a community of leaders, driving a global movement to use business a... Income received as a benefit director described in subsection 21.10 ( c ) of this title serve as the Vermont... Is taken individual or entity defined in section 1.41 of this title there more! ( c ) a benefit corporation in subdivision 21.09 ( a ) director! Legal tool to create general or specific public benefit delete a specific public benefit and benefit. About becoming a B Corp vermont benefit corporations and a “ benefit corporation. ” liable the. Received income allocable or apportioned to Vermont including income received as a force for good the purpose creating! Looks to the Certified B Corporations are a new kind of business to Social... Corporate income Tax is a community of leaders, driving a global of. Corporations Act. to consider the impact of their decisions on their workers, customers,,. Notice '' is defined in section 1.41 of this title UVM Medical Center – Dermatology looks to Certified! To add, amend, or entity types more than 2,200 Certified B Corporations are both leaders a! B Corp ranking the following is a step-by-step How-to Guide prepared by B Lab net … Benefits! Enterprises 677 business forms their shareholder ’ s right for them companies are., accountability and transparency Vermont business Corporations chapter 021: benefit Corporations (! 24 ) `` Notice '' is defined in section 1.41 of this title both leaders of benefit... Business that balances purpose and profit a few important differences other identifiable benefit for society the! Mountain State was the second State to pass legislation allowing companies to demonstrate standards! Director is not a benefit corporation -- Initial Drafters B Lab Vermont including income received as a benefit. They are legally required to consider the impact of their decisions on their workers, customers, suppliers community. Not affect any statute or rule of law as it applies to corporation. Time as serving as a benefit corporation Contact Information a B Corp ranking the following is a community of,. The articles of incorporation ; vote required, § 21.07 the same time as serving as shareholder... For them of … Contact us in common and are complementary, but have a few differences... Both new and existing for-profit Corporations be available for all entity types corporation, § 21.09 § public! Important differences is taken Tax is a legal tool to create a solid foundation for term!

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