Social Enterprise State Survey

BLLC:
No activity

L3C:
No activity

SPC:
No activity

Benefit Corp:
An Act relating to corporations, including benefit corporations, and other entities; and providing for an effective date. – Short title: Benefit Corporations

H.B. 124, 30th Legis., 1st Sess. (Alask. 2017).

H.B. 124 was introduced on February 15, 2017 and amended by the House Labor and Commerce Committee on April 11, 2017. On May 16, 2017, the bill passed the House by a vote of 28-11. On January 1, 2018, the bill was referred to the Senate Finance Committee and a hearing was held on March 21, 2018. There has been no further action on this bill. A previous version of this bill (H.B. 49) died in the House Rules Committee in 2016.

SPBLP:
No activity

BLLC:
No activity

L3C:
No activity

SPC:
No activity

Benefit Corp:

Enacted Legislation

Arizona Benefit Corporation Act

Ariz. Rev. Stat. § 10-2401 to § 10-2422 (2014).

The Arizona Benefit Corporation Act took effect from and after December 31, 2014.

SPBLP:
No activity

BLLC:
An Act Establishing Benefit Limited Liability Companies

S.B. 12, 2017 Reg. Sess. (Ct. 2017); H.B. 5251, 2018 Reg. Sess. (Ct. 2018).

S.B. 12 was referred to the Joint Committee on Judiciary on January 4, 2017. As of May 24, 2017, favorable report was produced and tabled for calendar in the Senate. H.B. 5251 was referred to the Joint Committee on Judiciary on February 26, 2018. The bill was referred by House to Committee on Appropriations on April 24, 2018. There has been no activity on either bill since. H.B. 5600, AN ACT CONCERNING A STUDY OF THE TAX IMPLICATIONS OF ALLOWING BENEFIT LIMITED LIABILITY COMPANIES UNDER STATE LAW, was introduced in January 2019 and has been voted to draft as of April 15, 2019. https://www.cga.ct.gov/2019/TOB/h/pdf/2019HB-05600-R00-HB.PDF.

L3C:
An Act Authorizing the Establishment of Low-Profit Limited Liability Companies

S.B. 528, 2013 Sess. (Ct. 2013).

S.B. 528 died in the Joint Committee on Commerce. A previous version of the bill; S.B. 403 died in chamber in 2012.

SPC:
No activity

Benefit Corp:

Enacted Legislation

Connecticut Benefit Corporation Act

S.B. 23, 2014 Sess. (Ct. 2014).

The Connecticut Benefit Corporation Act is the only one of its kind to include a “legacy preservation” provision allowing a benefit corporation to adopt a so-called “asset lock” following 24 months of continuous operation. Effective October 1, 2014. HB5265, An Act Concerning The Business Entity Tax Liability Of Benefit Corporations, was introduced on January 14, 2019. A public hearing was held on February 28, 2019. See https://www.cga.ct.gov/2019/TOB/h/pdf/2019HB-05265-R00-HB.PDF.

SPBLP:
No activity

BLLC:
No activity

L3C:
No activity

SPC:

Enacted Legislation

Florida Business Corporation Act – Part II – Social Purpose Corporations

Fla. Stat. Ann. §§ 607.501 to .513 (2014).

Florida simultaneously adopted the social purpose corporation and benefit corporation forms, effective July 1, 2014. H.B. 1285, effective July 1, 2018, inter alia, authorizes state banks and trust companies to form as SPC or Bcorps. See http://www.flsenate.gov/Session/Bill/2018/1285/BillText/er/PDF.

Benefit Corp:

Enacted Legislation

Florida Business Corporations Act – Part III – Benefit Corporations

Fla. Stat. Ann. §§ 607.601 to .613 (2014).

Florida simultaneously adopted the social purpose corporation and benefit corporation forms, effective July 1, 2014. H.B. 1285, effective July 1, 2018, inter alia, authorizes state banks and trust companies to form as SPC or Bcorps. See http://www.flsenate.gov/Session/Bill/2018/1285/BillText/er/PDF.

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act Providing for Limited Liability Companies Organized on a Low-Profit Basis

S.F. 158, 84th Gen. Assemb., 2011 Sess. (Iowa 2011).

SPC:
No activity

Benefit Corp:
A bill for an act allowing the formation of certain for-profit corporations as benefit corporations authorized to do business in this state under certain conditions.

H.F. 312; H.F. 229; H.F. 645, 2019-2020 Reg. Sess. (Iowa 2019).

Companion bills H.F. 312, H.F. 229, and H.F. 645 were introduced on February 8, February 5, and March 6, 2019, respectively. There has been no action on H.F. 312 and H.F. 645 since their introduction, while the only action on H.F. 229 since its introduction is a subcommittee meeting on February 27, 2019. Companion benefit corporation bills, H.F. 62 and S.F. 221, were introduced in the House and Senate on January 23, 2017, and February 9, 2017, respectively. Both bills were referred to the Committees on Commerce in 2017. No action has been taken on either bill since. H.F. 62/S.F. 221, 87th Gen. Assemb. (Iowa 2017). A previous version of these bills, H.F. 2063, was introduced on January 20, 2016 but died in the House Judiciary Committee.

SPBLP:
No activity

BLLC:
No activity

L3C:
A Bill for an Act to Amend the Indiana Code Concerning Business and Other Associations

S.B. 501, 117th Gen. Assemb., 1st Reg. Sess. (Ind. 2011).

S.B. 501 died in the Committee on Commerce and Economic Development.

SPC:
No activity

Benefit Corp:

Enacted Legislation

An Act to Amend the Indiana Code Concerning Business and Other Associations

H.B. 1015, 119th Gen. Assemb., 2015 Sess. (Ind. 2015).

H.B. 1015 was signed into law by Gov. Mike Pence on April 30, 2015. The law took effect on January 1, 2016. A previous version of the bill, H.B. 1260, died in the House Committee on Judiciary in 2014.

SPBLP:
No activity

BLLC:
No activity

L3C:

Enacted Legislation

An Act Relative to Limited Liability Companies

La. Rev. Stat. Ann. §§ 12:1301(A)(11.1), 1302(c), 1305(B)(3), 1306(A)(1), 1309(A) (2013).

SPC:
No activity

Benefit Corp:

Enacted Legislation

Benefit Corporations Law

La. Rev. Stat. Ann. §§ 12:1801 to- 1832 (2012).

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act to Replace the Maine Limited Liability Company Act

Me. Rev. Stat. tit. 31, §§ 1502, 1508, 1559, 1611 (2013).

SPC:
No activity

Benefit Corp:

Enacted Legislation

An Act Concerning The Establishment Of Benefit Corporations

L.D. 1519, 129th Legis., 1st Reg. Sess (Me. 2019).

L.D. 1519 was signed into law my Governor Mills on the 17th of June, 2019. L.D. 1519 was introduced during in the spring of 2019. The bill was referred to the Committee on Innovation, Development, Economic Advancement, and Business on April 11, 2019. A previous version of this bill (L.D. 1154/H.P. 792) was passed by the House and Senate on June 10, 2015 and was sent to Gov. Paul LePage for signature. On June 22, 2015 Gov. LePage vetoed the bill. On June 23, 2015, 88 Members of the Maine House of Representatives voted to override the Governor’s veto, falling 8 votes short of the required 2/3 majority.

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act to Create New Provisions Relating to Low-Profit Limited Liability Corporations

H.B. 1890, 95th Gen. Assemb., 2nd Reg. Sess. (Mo. 2010).

H.B. 1890 was introduced on January 4, 2018.

SPC:
No activity

Benefit Corp:

Failed Legislation

An Act to Amend Chapter 351 by Adding Thereto Twelve New Sections Relating to Benefit Corporations

H.B. 1936; 101st Gen. Assemb. (Mo. 2020).

H.B. 1936 was introduced on the 8th of January, 2020 and read for a second time on the 9th of January. Previously, benefit corporation bills H.B. 1448 and H.B. 1154 were introduced in 2019. H.B. 1448 was prefiled on December 2, 2019. H.B. 1154 was introduced on February 28, 2019. S.B. 105 was pre-filed on December 1, 2018 and had its first reading in the Senate on January 9, 2019. On February 19, 2019 the Senate General Laws Committee voted “Do not pass.” S.B. 467 was introduced on February 23, 2017 and was referred to the Senate Small Business and Industry Committee on March 2, 2017. The pending bill tracks the Model Benefit Corporation Legislation, however, a previous version of benefit corporation legislation that tracked the Delaware PBC statute (H.B. 1956) was introduced in 2014 but died in the House Corrections Committee on May 16, 2014.

SPBLP:
No activity

BLLC:
No activity

L3C:
North Carolina Limited Liability Company Act

S.B. 439, 2013-2014 Sess. (N.C. 2014).

S.B. 439 repealed North Carolina’s L3C statute. To date, North Carolina is the only state that has abolished the L3C.

SPC:
No activity

Benefit Corp:
North Carolina Public Benefit Corporation Act

H.B. 616, 2017-2018 Reg. Sess. (N.C. 2017).

H.B. 616 was introduced on April 5, 2017 and failed its second reading on June 26, 2017.

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act Relating to Business; providing for the formation of low profit limited liability companies.

A.B. 172,79th Legis. Sess. (Nev. 2017).

A.B. 172 was introduced on February 13, 2017. Pursuant to Joint Standing Rule No. 14.3.1, no further action was allowed as of April 14, 2017.

SPC:
No activity

Benefit Corp:

Enacted Legislation

Nevada Benefit Corporation Act

Nev. Rev. Stat. §§ 78B.010 to- .190 (2014).

Nevada was one of seven states in 2013 to enact benefit corporation legislation.

SPBLP:
No activity

BLLC:
No activity

L3C:
No activity

SPC:
No activity

Benefit Corp:

Enacted Legislation

Benefit Corporation Act

H.B. 118; Regular Session (N.M. 2020).

New Mexico’s Benefit Corporation Legislation was signed by the Governor on March 6, 2020. A previous version of the bill was introduced in 2019 and in 2018. New Mexico benefit corporation bill (H.B. 118) was introduced on December 20, 2018. On the 16, of January 2019 it was sent to House commerce and Economic Development Committee. An earlier benefit corporation bill, H.B. 467 was introduced on February 15, 2017 and passed the House by a unanimous vote of 66-0 on March 10, 2017. The bill was referred to the Senate Committee on Corporations and Transportation on March 14, 2017 and was subsequently withdrawn from committee pending further action on March 18, 2017 prior to the legislature adjourning sine die. In 2013 and 2014, New Mexico considered bills that would have created a voluntary benefit corporation “designation” for existing corporations and partnerships, but did not seek to create a new corporate form. Neither of these bills were passed into law. S.B. 96 was introduced on December 29, 2014 and was postponed indefinitely on January 22, 2015. A prior version of the bill was passed by both houses of the legislature , but was pocket vetoed by Gov. Susana Martinez on April 8, 2013.

SPBLP:
No activity

BLLC:

Failed Legislation

An Act relating to business entities.

S.B. 1741, 2020 Leg., Reg. Sess. (Okla. 2020)

After enacting benefit corporation legislation in 2019, Oklahoma’s Senate introduced a bill including a section that would also permit companies to form benefit limited liability companies. The bill passed the Senate unanimously, but the session ended before the House voted on the matter.

L3C:
An Act Relating to Corporations

H.B. 1088, 53rd Leg., 1st Reg. Sess. (Okla. 2011).

H.B. 1088 died in the House Judiciary Committee.

SPC:
No activity

Benefit Corp:

Enacted Legislation

Oklahoma Benefit Corporation Act

H.B. 2423 , 57th Legis., 1st Sess. (Ok. 2019).

Oklahoma’s benefit corporation bill (H.B. 2423) was signed by the Governor on the 15th of April, 2019. It was first introduced on February 4, 2019. The bill (H.B. 2423) passed in the House by a unanimous vote of 93-0 on March 14, 2019 and passed in the Senate by a unanimus vote of 46-0 on April 8, 2019. Previous bills in the House (H.B. 1809) and Senate (S.B. 343) were introduced on February 6, 2017, but neither bill went to their respective floors for a vote and died in committee in 2018. Earlier versions of these bills were introduced in 2015 (H.B. 1039) and in 2016 (S.B. 1121), but died in the House Judiciary and Civil Procedure Committee and Senate Judiciary Committee, respectively.

SPBLP:
No activity

BLLC:
No activity

L3C:

Enacted Legislation

Rhode Island Limited Liability Company Act

R.I. Gen. Laws §§ 7-16-2, -9, -49, -76 (2013).

SPC:
No activity

Benefit Corp:

Enacted Legislation

An Act Relating to Corporations, Associations, and Partnerships Allowing for the Creation of Benefit Corporations

R.I. Gen. Laws Ann. §§ 7-5.3-1 to- 7-5.3-13 (2013).

In 2013, Rhode Island was one of seven states that enacted benefit corporation legislation.

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act Relative to Low-Profit Limited Liability Companies

S.B. 506, 108th Reg. Sess (Tenn. 2013).

S.B. 506 died in the Senate Business and Utilities Committee.

SPC:
No activity

Benefit Corp:

Enacted Legislation

For-Profit Benefit Corporation Act

Tenn. Code Ann. §§ 48-28-101 to- 48-28-402 (Tenn. 2015).

The Tennessee bill uses the term “For-Profit Benefit Corporation” and deviates from both the Model Benefit Corporation Legislation and the language of the Delaware PBC statute in several respects. It was passed unanimously by both the House and Senate and was signed by Gov. Bill Haslam on May 20, 2015.

SPBLP:
No activity

BLLC:
No activity

L3C:

Enacted Legislation

Low-Profit Limited Liability Companies Act

Vt. Stat. Ann. tit. 11, §§ 3001(27), 3005(a), 3023(a) (2013).

Vermont was the first state to authorize the L3C form.

SPC:
No activity

Benefit Corp:

Enacted Legislation

Vermont Benefit Corporations Act

Vt. Stat. Ann. tit. 11A §§ 21.01 to -.14 (2013).

In 2009, Vermont became the second state to pass a benefit corporation statute.

SPBLP:
No activity

BLLC:
No activity

L3C:
No activity

SPC:
No activity

Benefit Corp:

Enacted Legislation

West Virginia Benefit Corporation Act

W. Va. Code Ann. §§ 31F-1-101 to -501 (2014).

The West Virginia statute was enacted in 2014.

SPBLP:
No activity

BLLC:
Business entity law, authorizing the creation of benefit corporations

S.B. 427 Reg. Sess. (Ala. 2019)

S.B. 427 was introduced on the 22nd of May, 2019 and authorizes the creation of both Benefit Corporations and BLLCs.

L3C:
An Act Relating to Limited Liability Companies

S.B. 517; 2011 Reg. Sess.; (Ala. 2011).

The bill was read for the first time and referred to Senate Committee on Judiciary on May 25, 2011.

SPC:
No activity

Benefit Corp:

Enacted Legislation

An Act Relating to Corporations

H.B. 202; 2020 Reg. Sess. (Ala. 2019).

H.B. 202 was introduced on the 11th of February, 2020. It was delivered to the governor for signature on the 12th of March, 2020. S.B. 427 was introduced to the Senate on the 22nd of May, 2019. The bill was subsequently referred to the Fiscal Responsibility and Economic Development Committee. No further action has since been taken on this bill.

SPBLP:
No activity

BLLC:
No activity

L3C:
No activity

SPC:

Enacted Legislation

Social Purpose Corporations Act

Cal. Corp. Code §§ 2500-3503 (2014).

On September 27, 2014, the Social Purpose Corporations Act amended the Corporate Flexibility Act of 2011 which, among other things, renamed the Corporate Flexibility Act of 2011 as the Social Purpose Corporations Act, and renamed flexible purpose corporations as social purpose corporations.

Benefit Corp:

Enacted Legislation

California Benefit Corporations Act

Cal. Corp. Code § 14600 – § 14631 (2012).

The California Benefit Corporation Act took effect on January 1, 2012.

SPBLP:
No activity

BLLC:
No activity

L3C:
Low-Profit Limited Liability Company Establishment Act of 2011

B19-0177, D.C. Council, 19th Period (D.C. 2011).

B19-0177 died in the Committee on Public Services and Consumer Affairs.

SPC:
No activity

Benefit Corp:

Enacted Legislation

Benefit Corporation Act of 2012

D.C. Code §§ 29-1301.01 to 1304.01 (2013).

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act to Provide for Low-Profit Limited Liability Companies

H.B. 594, 151st Gen. Assemb., Reg. Sess. (Ga. 2011).

SPC:
No activity

Benefit Corp:

Enacted Legislation

Business Corporations; provide for benefit corporations

H.B. 230, 2019-2020 Reg. Sess. (Ga. 2018).

H.B. 230 was introduced on February 8, 2019. The bill passed the House on March 5, 2019 and passed the Senate on June 25, 2020. It was signed by the Governor on July 29, 2020.

SPBLP:
No activity

BLLC:
No activity

L3C:
No activity

SPC:
No activity

Benefit Corp:

Enacted Legislation

Idaho Benefit Corporation Act

Idaho Code Ann. §§ 30-20-01 to 30-20-13 (2015).

The Idaho Benefit Corporation Act was signed into law on April 2, 2015 and takes effect July 1, 2015.

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act Relating to Low-Profit Limited Liability Companies

H.B. 2361, 2013-2014 Leg. Sess. (Kan. 2014).

H.B. 2361 died in the Judiciary Committee.

SPC:
No activity

Benefit Corp:

Enacted Legislation

Amending the Kansas general corporation code to include public benefit corporations.

H.B. 2153, 2017-2018 Reg. Sess. (Kan. 2017).

H.B. 2153 was introduced on January 25, 2017, enrolled and approved in May 2017, and effective as law as of July 1, 2017. The passage of the bill effectively amended the Kansas General Corporations Code to allow for formation of public benefit corporations. See Chapter 17, Article 72a, available at https://www.ksrevisor.org/statutes/ksa_ch17.html. H.B. 2125 was introdued on January 23, 2017. The bill passed the House on February 21, 2017, by a vote of 124-1 and was received in the Senate, where it was referred to the Committee on Judiciary on February 23, 2017. It died in the Senate Committee on May 4, 2018. H.B. 2125, 2016-2017 Leg. Sess. (Kan. 2017). Previous versions of this bill were introduced in 2016 (H.B. 2697) and 2014 (H.B. 2650), but died in the House Committee on Judiciary and House Committee on Commerce, Labor and Economic Development, respectively.

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act Relative to Creating Low-Profit Limited Liability Companies

S. 184, 190th Gen. Ct. (Mass. 2017-2018).

S. 1962 reintroduced L3C legislation on January 20, 2017. Previous versions of this bill, including S. 111/S. 2145, 189th Gen. Ct. (Mass. 2015-2016) and H.B. 1868, 187th Gen. Ct. (Mass 2011-2012), died in committee.

SPC:
No activity

Benefit Corp:

Enacted Legislation

Massachusetts Benefit Corporation Act

Mass. Gen. Laws Ch. 156E, §§ 1-16 (2013).

SPBLP:
No activity

BLLC:
No activity

L3C:

Enacted Legislation

Michigan Limited Liability Company Act

Mich. Comp. Laws §§ 450.4102, 4204(2), 4803(1) (2013).

SPC:
No activity

Benefit Corp:

Failed Legislation

A Bill to Amend the Business Corporation Act

H.B. 6309, 6310, 6311, 6312 20th Leg. Sess.

Michigan Legislature reintroduced benefit corporation legislation. H.B. 5867 on April 24, 2018 and was referred to the House Committee on Commerce and Trade. Its passage is conditioned upon the approval of other bills (a so-called tie bar), namely, H.B.s 5868, 5869 and 5872.

SPBLP:
No activity

BLLC:
No activity

L3C:
No activity

SPC:
No activity

Benefit Corp:

Failed Legislation

Mississippi Benefit Corporation Act

H.B. 952; 2020 Reg. Sess. (Miss. 2020).

H.B. 952 was introduced on February 14, 2020 however it died in committee. H.B. 8 was introduced on January 11, 2019 however it died in committee on February 5, 2019. H.B. 544 was introduced on January 8, 2018 and was referred to the House Judiciary Committee. The bill died in committee on January 30, 2018. A previous version of the bill, H.B. 673, was introduced on January 13, 2017 but died in committee on January 31, 2017.

SPBLP:
No activity

BLLC:
No activity

L3C:
Low-Profit Limited Liability Companies

H.B. 1447, 64th Leg., Assemb. (N.D. 2015).

The North Dakota House voted against H.B. 1299 by a 23-65 vote on January 25, 2013. H.B. 1447 was reintroduced in 2015 but failed on its second reading.

SPC:
No activity

Benefit Corp:
North Dakota Public Benefit Corporation Act

H.B. 1466, 66th Legis. Assemb., (N.D. 2019).

H.B. 1466 was introduced on January 14, 2019. It passed the legislative assembly on February 5, 2019. On April 8, 2019 it was referred to the Industry, Business and Labor Committee. Interestingly, this is the first time North Dakota has considered benefit corporation legislation since 2015, when it considered a previous version of the bill (H.B. 1237), which passed in the House by a vote of 87-6 on January 27, 2015 but failed after its second reading in the Senate by a vote of 44-2 on March 24, 2015.

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act Relative to Low-Profit Limited Liability Companies

S.B. 352, 2012 Reg. Sess. (N.H. 2012).

S.B. 352 died in the Senate Commerce Committee.

SPC:
No activity

Benefit Corp:

Enacted Legislation

New Hampshire Benefit Corporation Act

N.H. Rev. Stat. Ann. §§ 293-C:1 to- 13 (2014).

The New Hampshire Benefit Corporation Act took effect on January 1, 2015.

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act to Amend the Limited Liability Company Law, in Relation to Establishing the L3C Act Regarding Low-Profit Limited Liability Companies

A20060, 241st Leg. Sess. (N.Y. 2018).

New York’s L3C bill (A 10060) was introduced on March 14, 2018. The bill was referred to the Corporations, Authorities, and Commissions and the bills enacting clause was stricken on April 9, 2018, meaning the main sponsor of the bill, Assemblywoman Amy Paulin, removed her name from the bill and the bill died. This marks the second consecutive year that New York’s L3C bill has died. A previous version of the bill (A 5859), which was introduced on February 16, 2017, died on January 1, 2018 when the enacting clause was stricken after the bill was referred to the Corporations, Authorities, and Commissions.

SPC:
No activity

Benefit Corp:

Enacted Legislation

New York Benefit Corporation Act
N.Y. Bus. Corp. Law §§ 1701-1709 (2013).

SPBLP:
No activity

BLLC:

Enacted Legislation

An Act Relating to Benefit Companies

Ore. Rev. Stat. §§ 60.750 to- .770 (2014).

The Oregon Act uses the term “benefit company” and permits both corporations and LLCs to adopt the benefit company form.

L3C:
An Act Relating to Low-Profit Limited Liability Companies

H.B. 2745, 76th Leg. Assemb. (Or. 2011).

H.B. 2745 died in the House Business and Labor Committee.

SPC:
No activity

Benefit Corp:

Enacted Legislation

An Act Related to Benefit Companies

Ore. Rev. Stat. §§ 60.750 to- .770 (2014).

The Oregon Act uses the term “benefit company” and permits both corporations and LLCs to adopt the benefit company form.

SPBLP:
No activity

BLLC:
No activity

L3C:
No activity

SPC:
No activity

Benefit Corp:

Enacted Legislation

South Carolina Benefit Corporation Act

S.C. Code Ann. §§ 33-38-110 to -600 (2013).

In 2012, South Carolina was one of five states that enacted benefit corporation legislation.

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act Relating to the Creation of a Low-Profit Limited Liability Company.

HB 2622

HB 2622 was introduced in the 83rd Regular Session in 2013. It died in the House Business and Industry Committee.

SPC:

Enacted Legislation

An Act Relating to Social Purposes of a For-Profit Corporation

Tx. Bus. Org. Code §§ 23.001 to- .110 (2013).

The Texas statute permits all Texas for-profit corporations to adopt a “social purpose,” but unlike the other SPC statutes, it does not authorize the creation of a new corporate form.

Benefit Corp:

Enacted Legislation

An Act Relating to Authorizing the Formation of Public Benefit Corporations

Tex. Bus. Org. Code _ 21.951-21.959

In 2017, Texas was one of four states that passed a benefit corporation bill. Texas’s statute took effect on September 1, 2017.

SPBLP:
No activity

BLLC:
A Bill Related to Benefit Limited Liability Companies

H.B. 354, 2012 Gen. Assem., Reg. Sess. (Va. 2012).

H.B. 354 died in the Commerce and Labor Committee.

L3C:
An Act Relating to Low-Profit Limited Liability Companies

S.B. 351, 2012 Gen. Assemb., Reg. Sess. (Va. 2012).

S.B. 351 died in the Senate Committee on Commerce and Labor.

SPC:
No activity

Benefit Corp:

Enacted Legislation

Virginia Benefit Corporation Act

Va. Code Ann. §§ 13.1-782 to -791 (2013).

SPBLP:
No activity

BLLC:
No activity

L3C:
An Act Relating to the Creation of a Category of Limited Liability Company Identified as a Low-Profit Limited Liability Company

A.B. 60, 2015-2016 Reg. Sess. (Wisc. 2015).

A.B. 60 was introduced on February 23, 2015 and was referred to the Committee on Financial Institutions. The bill failed to pass on April 13, 2016 pursuant to Senate Joint Resolution 1. A previous version of this bill,A.B. 902, was introduced in 2009 but failed to pass pursuant to Senate Joint Resolution 1 of April 28, 2010.

SPC:
No activity

Benefit Corp:

Enacted Legislation

An Act to create a category of business corporation identified as a benefit corporation

2017 Wisconsin Act 77

The Wisconsin Bill was signed and became effective on November 27, 2017. It is very similar to the Model Benefit Corporation Legislation.

SPBLP:
No activity