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+ The Benefit Corporation and Social Enterprise Amy Kincaid, ChangeMatters, Benefit LLC The Foundation for Prince George’s November 10, 2011.

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Presentation on theme: "+ The Benefit Corporation and Social Enterprise Amy Kincaid, ChangeMatters, Benefit LLC The Foundation for Prince George’s November 10, 2011."— Presentation transcript:

1 + The Benefit Corporation and Social Enterprise Amy Kincaid, ChangeMatters, Benefit LLC The Foundation for Prince George’s November 10, 2011

2 + Topic and Resource People 1. All about: the New Maryland Benefit Corporation Laws 2. In the mix: social enterprise and socially-responsible biz Amy Kincaid Jon Widrick, Esq. Phil Stoler, CPA

3 + Benefit Corporation Law General and specific public benefits Protection for corporate directors Reporting Third party standards Not a certification Maryland was first in the nation to pass the law. Main Provisions

4 + Open Questions Third Party Standard Data Rules and Regulations Tax Rules and Accountability Note: Appropriate for nonprofit corporations? Mechanics and meaning—could/should a tax exempt organization do this?

5 + Following Maryland Vermont New Jersey Virginia California (and also Flexible Purpose) Hawaii New York (passed, but not yet signed into law) Four other states introduced it

6 + Maryland Benefit LLC First and only state so far. LLCs and contract law For tax exempts with LLC subsidiaries, is this a good option?

7 + Who is it for? Who’s doing it? In Maryland Big Bad Woof — retail Emory Knolls Farm — greenhouse Blessed Coffee — importing Taharka Bros. — fast food Global Contribution Corp. (St. Paul, MN) — shared workspace developer Considering: LessonCast ChangeMatters, Benefit LLC Substance151, Benefit LLC Clean Currents, Benefit LLC Restaurant startup in DC Artisan market Benefit CorporationBenefit LLC

8 + In Virginia Farm Community Consultants, Inc. Riviana Natural Designs, Inc. Sweet Charity Bake Shop, Inc. Veura Inc Note: Impact Makers

9 + How to File Corporate filing or amendment to Articles of Incorporation or Organization through Maryland SDAT (State Department of Assessments and Taxation) In Maryland

10 + In the Mix Social Enterprise ----to---- Socially-Responsible Business earned revenue, earned income ventures, nonprofit business activity, social ventures, social entrepreneurship, community wealth creation, social purpose business, social enterprise, common good enterprise, mission-driven business, socially- responsible small business, double-bottom line; triple- bottom line, benefit corporation Common Good Enterprise

11 + Continuum Nonprofit

12 + Social Enterprise Business Harbor City Services Humanim Goodwill Baltimore Clayworks (e- Ceramica) DC Central Kitchen Greyston Bakery Benetech

13 + Socially-Responsible Business Busboys & Poets Norwood Marble and Granite Teavolution Green Savings Coop Capital City Cheesecake Impact Makers Rivianna

14 + For more information Jon Widrick, Esq. Ascensus Law Group Amy Kincaid ChangeMatters, Benefit LLC (c) Phil Stoler Rivlin, Lichter & Feldman


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