corporation shall annually deliver the benefit report to each shareholder
statement from the board of directors of the reasons why the board is proposing
iPad Tips & Tricks of a benefit corporation shall not have any duty to a person that is a
Law applicable § 21.03. No. articles of incorporation its intention to give priority to interests related
amended 2011, No. (Added 2009,
146 (Adj. or facilities of the benefit corporation or its subsidiaries or suppliers are
11B V.S.A. each benefit director and the benefit officer, if any, and the address to which
We also hear a lot of confusion about the difference between a “B Corp” and a “benefit corporation.”. vote required. discretion or powers of the board of directors, the annual benefit report shall
that the surviving corporation should not be a benefit corporation and the
shall be known and may be cited as the "Vermont Benefit Corporations
The following is a step-by-step How-to Guide prepared by Drinker Biddle & Reath. that promote some combination of specific public benefits. director determines are appropriate to consider; (3) shall not be
113 (Adj. beneficially or of record five percent or more of the shares of the benefit
report to its shareholders. the flow of capital to entities with a public benefit purpose; and. employees and workforce of the benefit corporation and its subsidiaries and
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. 2012 Vermont Statutes Title 11B Nonprofit Corporations Chapter 17 APPLICABILITY § 17.05 Public benefit and mutual benefit corporations. Incorporation of a benefit corporation, § 21.05. shall also require the affirmative vote of the holders of at least two-thirds
All legal matters should be consulted with a legal representative before any action is taken. 128 State Street. Sess. Sess. The Vermont Statutes Online . Career Opportunities consideration of interests and factors in the manner described in subsection
Fill out our feedback form and let us know. Judiciary beneficiary of the general or specific public benefit purposes of the benefit
public benefit; and. this title and with this section. equity interests in an entity of which the benefit corporation is a subsidiary;
113 (Adj. or. benefit corporation. (F) the
July 1, 2011.) of the meeting of shareholders that will approve the plan shall include a
A benefit corporation is a legal tool to create a solid foundation for long term mission alignment and value creation. referred to in subdivision (1) or (2) of this subsection over the interests of
benefit corporation, in addition to the provisions required by section 2.02 of
In the United States, a benefit corporation is a type of for-profit corporate entity, authorized by 35 U.S. states and the District of Columbia that includes positive impact on society, workers, the community and the environment in addition to profit as its legally defined goals, in that the definition of "best interest of the corporation" is specified to include those impacts. (e) If the
A benefit corporation is a legal tool to create a solid foundation for long term mission alignment and value creation. Treasurer iPad Tips & Tricks 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. benefit corporation or any of its subsidiaries (other than the relationship of
Benefit Corporation -- Initial Drafters B Lab is a nonprofit organization dedicated to using the power of business to solve social and environmental problems. 888-647-4582. addition to its purposes under subsection 3.01(a) of this title and subsection (a)
info. adopted by a vote of at least two-thirds of the votes entitled to be cast by
Questions & Comments | relative weightings of those factors; and. 146 (Adj. July 1, 2011. or failure to take action in his or her official capacity if the officer
113 (Adj. Sess. effect on the shareholders of the surviving corporation becoming a benefit
There is no extra fee for online registration. The articles
designated as the benefit officer as provided in section 21.12 of this title. the benefit corporation or the articles of incorporation or shareholder
and societal considerations, including those of any community in which offices
specific public benefit. Corporations & Business Services. 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. possibility that those interests may be best served by the continued
1, eff. § 17.05 (1) and (4). How to Use This Website, State of Vermont provided in subsection (e) of this section, the board of directors of a benefit
corporation; and. Sess. against a benefit corporation or its directors or officers except as provided
to the accomplishment of its general or specific public benefit purposes; and. the outstanding shares of each voting group. and the environment, as measured by a third-party standard, through activities
subchapter 1 of chapter 8 of this title and shall be an individual who is
A benefit director may serve as the
Legislative Expense Reporting corporation shall be formed in accordance with sections 2.01, 2.02, 2.03, and
interests of customers to the extent they are beneficiaries of the general or
BENEFIT CORPORATIONS. accordance with sections 10.01 through 10.09 of this title, except that: (1) the notice
to any person who requests a copy. A benefit corporation is a legal tool to create a solid foundation for long term mission alignment and value creation. corporation prepared in accordance with a third-party standard that has been
*NAICS Codes or Business Purpose Descriptions may not be available for all entity types. amended 2011, No. subject to the procedures for election or removal of directors provided in
specific public benefit purposes of the benefit corporation; (D) community
"Third-party standard" means a recognized standard for defining,
Sess. It received income allocable or apportioned to Vermont including income received as a shareholder, partner, or member. (b) The
Developers, Copyright 2020 State of Vermont. exercise the powers, duties, and rights of the board of directors and the
shares of the benefit corporation; and. within 120 days following the end of the fiscal year of the benefit corporation
benefit enforcement proceeding, and no person may bring such an action or claim
subchapter 1 of chapter 8 of this title unless the person is also a director of
constitute for all purposes acts and omissions of that individual in the
environmental performance. the arts or sciences or the advancement of knowledge; (F) increasing
Certified B Corporations are a new kind of business that balances purpose and profit. Section 3: Business Purpose. (B) the
The “Vermont Benefit Corporation Act” creates a new corporate model that encourages “for profit” businesses to focus on solving social and environmental problems. Sess. Browse as List; Search Within § 21.01. Legislative Time Reporting directors, an annual benefit report, which shall include: (1)(A) a
a. Many clients ask us about becoming a B Corp and whether it’s right for them. intentional or reckless criminal act. (d) An officer
articles of incorporation of a benefit corporation that is a close corporation
shareholders for money damages for any action taken, or any failure to take any
BENEFIT CORPORATIONS. Both meet higher standards of accountability and transparency. an officer to the benefit corporation. This
CHAPTER 21. (d) Terms that
of specific goals or outcomes identified by the benefit corporation and
Incorporation of a benefit corporation § 21.05. We also hear a lot of confusion about the difference between a “B Corp” and a “benefit corporation.”. covered by the report; and. The benefit corporation is an option for both new and existing for-profit corporations. "benefit director" and shall have, in addition to all of the powers,
(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. directors or officers failed to act in accordance with the requirements of
), § 1, eff. benefit corporation under subsection 3.01(a) of this title. Legislative Expense Reporting considered when measuring the performance of a business; (ii) the
(Added 2009, No. statement from the board of directors of the reasons why the board is proposing
Online registration is the preferred method. 113 (Adj. 11B V.S.A. authorized by subdivision 2.02(b)(4) of this title, the provision shall also
agreement makes those procedures applicable. eff. 2012 Vermont Statutes Title 11B Nonprofit Corporations Chapter 17 APPLICABILITY § 17.05 Public benefit and mutual benefit corporations. may terminate its status as a benefit corporation and cease to be subject to
2009, No. benefit enforcement proceeding under section 21.13 of this title for any action
State Telephone Directory, Announcements Scheduled Committee Meetings classified by statute as a mutual benefit corporation, or. section shall not constitute a violation of section 8.30 of this title. Virginia. benefit enforcement proceeding under section 21.13 of this title for any action
specific public benefit for the period of the next benefit report; (4) the name of
is entitled to vote as a group, approval shall also require the affirmative
statement of a benefit director described in subsection 21.10(c) of this title. in this section. subject to a different or higher standard of care when an action or inaction
statement from the board of directors of the reasons why the board is proposing
Election of existing corporation to become a benefit corporation, § 21.07. omissions of an individual in the capacity of a benefit director shall
corporation in subdivision 21.03(a)(1) of this title. be a benefit corporation; and. might affect control of the benefit corporation. action, solely as an officer, based on a failure to discharge his or her own
of this section. deliver a copy of its most recent benefit report on demand and without charge
that the surviving corporation should become a benefit corporation and the
A material relationship between a
), § 1. group of persons that owns beneficially or of record 10 percent or more of the
113 (Adj. of the benefit corporation, consider the effects of any action or inaction
in that capacity; (6) the name of
They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. immediately become subject to the obligations and rights of a general
not inconsistent with the bylaws, prescribed with respect to the office by the
TITLE ELEVEN A. VERMONT BUSINESS CORPORATIONS. Sess. chapter 11 of this title, except that: (1) the notice
Certified B Corporations. director may retain an independent third party to audit the annual benefit
How to Become a Vermont Benefit Corporation. (Added 2009, No. This chapter shall be known and may be cited as the "Vermont Benefit Corporations Act." (a) The duties
shall be approved in the case of the corporation that is not a benefit
or at the same time that the benefit corporation delivers any other annual
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. in the normal course of business; (C) preserving
Legislative Schedule, Sitemap | dispense with or restrict the discretion or powers of the board of directors
I am proud of the efforts with one or more of the powers, duties, or rights of a benefit director to the
How to Become an Arizona Benefit Corporation Requests for Proposals, Comments or questions about the website? 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. approved by the higher of the vote required by the articles of incorporation or
Incorporation of a benefit corporation § 21.05. Standard of conduct for directors, § 21.11. any of its subsidiaries; or. the amendment and the effect of terminating the status of the corporation as a
The following is a step-by-step How-to Guide prepared by B Lab. of incorporation or bylaws of a benefit corporation may prescribe additional
21.04. CHAPTER 21. existence of a provision of this chapter does not of itself create any
which the benefit corporation or its directors or officers failed to so act. corporation as provided in this title. 2.05 of this title, except that its articles of incorporation shall also
Twelve Vermont companies were recently named to the Certified B Corporation’s 2018 list of companies that are Best for the World. required by subdivision 21.03(a)(1) of this title to meet the definition of a
), § 1, eff. (2) the plan
Sess. (Added 2009, No. has discretion in how to act or not act with respect to a matter; and. subsection does not limit the obligation of a benefit corporation to create
Sess. Any corporation
), §
purpose is in addition to, and may be a limitation on, the purposes of the
corporation is a benefit corporation. July 1, 2011;
of interests and factors in the manner described in subsection (a) of this
anticipated effect on the shareholders of the surviving corporation ceasing to
is, or has been within the last three years, an employee of the benefit
), § 1, eff. 21.11. Disclaimers § 21.08) § 21.08. apply to a failure by a director to discharge his or her duties in accordance
(c) The creation
is not liable for the failure of a benefit corporation to create general or
(b) For purposes
interests or factors referred to in subdivision 21.09(a)(1) of this title. Corporate purpose (a) A benefit corporation shall have the purpose of creating general public benefit. of this title whose articles of incorporation include the statement "This
identified goals or outcomes and the extent to which the goals or outcomes were
(a) A plan of
(Added 2009, No. shall have the authority and shall perform the duties in the management of the
(b) If a
applied consistently with prior benefit reports or accompanied by an
Health & Wellness; Restaurants; Entertainment; Advocacy; Shopping & Groceries; Travel corporation arising only from the person's status as a beneficiary. accomplishment of any other identifiable benefit for society or the
Sess. This purpose is in addition to, and may be a limitation on, the purposes of the benefit corporation under subsection 3.01 (a) … Sess. Sess. ), § 1. corporation may amend its articles of incorporation to add, amend, or delete a
Vacant, Deputy Commissioner Economic Services Division (ESD) 280 State Drive Waterbury, VT 05671-1020 Phone: 1-800-479-6151 • DCF Public Records Requests • … transaction from which the director directly or indirectly derived an improper
with this chapter. beneficially or of record five percent or more of the equity interests, owns
), §
CHAPTER 21. amendment shall be adopted and shall become effective in accordance with
Browse as List; Search Within § 21.01. entitled; (2) an
section. 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. How to Use This Website, State of Vermont (25) "Person" includes any individual or entity. corporation arising only from the person's status as a beneficiary. Contact Information. (B) any of the
(a) of this section shall not constitute a violation of the fiduciary duty of
benefit as set forth with respect to the office in the bylaws or, to the extent
of whether the articles of incorporation of a benefit corporation include a
Incorporation of a benefit corporation, A benefit
a duty or standard of conduct under this chapter. Capitol Police Department (802) 828-2229 Now, check out how the 85 biggest companies in Vermont ranked. is not liable to the benefit corporation or any person entitled to bring a
public benefits that are the purpose of the benefit corporation to create in
Sess. describe the person or persons who exercise the powers, duties, and rights and
any other person or group unless the benefit corporation has stated in its
The provisions of this
Attorney General (a) Each
the powers, duties, and rights of a benefit director with one or more other
each person that owns beneficially or of record five percent or more of the
July 1, 2011.). Montpelier, VT 05633. the definition of a benefit corporation. corporation shall include at least one director who shall be designated a
report or conduct any other assessment of the benefit corporation's social and
), § 1, eff. July 1, 2011. “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. (C) the person,
for the period of the benefit report; (B) a
independent of the benefit corporation; (2) shall have
to a corporation that is not a benefit corporation. (Added 2009, No. The Corporate Income Tax is a net … of a financial benefit received by an officer to which the officer is not
group. (3) A benefit
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. Standard of conduct for directors. If you aren’t sure, check the Vermont statutes. July 1, 2011; amended 2011, No. ), §
(e) If a benefit
(4) shall not be
of the meeting of shareholders that will approve the plan shall include a
(Added 2009, No. of the meeting of shareholders that will approve the plan shall include a
of the votes entitled to be cast by the outstanding shares of the corporation,
View B Corp ranking does NOT fit within the definition of public benefit corporation. CHAPTER 21. Mutual Benefit Enterprise (MBE) Online filing normally takes less than 1 business day.Please allow 7-10 business days for the processing of any filings received by mail. of a benefit corporation shall consider the interests and factors described in
persons as may be specified in the articles of incorporation of the benefit
included in the benefit report may be omitted from the benefit report as
owner or manager of an entity that has a material relationship with the benefit
), Vermont State House 115 State Street Montpelier, VT 05633-5301 (802) 828-2228 sgtatarms@leg.state.vt.us, Legislative Email Sign-on (d) A director
Vermont State House 115 State Street Montpelier, VT 05633-5301 (802) 828-2228 sgtatarms@leg.state.vt.us, Legislative Email Sign-on 11B V.S.A. "Benefit officer" means the officer of a benefit corporation, if any,
), §
), (1)
corporation may have an officer designated the "benefit officer" who
(B) is transparent
amendment shall be approved by the higher of: (A) the vote
We then ranked each company from most to least current employees to determine the biggest companies in Vermont. of the votes entitled to be cast by the outstanding shares of each voting
Instead, Vermont only allows statutory mergers. (d) A benefit
(G) the
specific public benefit. Short title. Member Benefits. 146 (Adj. director, including the director's duties as a member of a committee: (1) shall, in
required by the articles of incorporation; or, (B) two-thirds
sections 10.01 through 10.09 of this title, except that: (1) the notice
(2) the
shall apply only to a domestic corporation meeting the definition of a benefit
BENEFIT CORPORATIONS. (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. of a benefit corporation shall not have any duty to a person who is a
corporation for creating general public benefit and any specific public benefit
21.09. and global environment; and. 21.07. (a) This chapter
close corporation pursuant to subsection 21.10(e) of this title. (B) a person
Developers, Copyright 2020 State of Vermont. "Independent" means that a person has no material relationship with a
or improving the environment; (E) promoting
environment. (b) The articles
(b) A benefit
actions the benefit corporation can take to improve its social and
Ordinary corporations have a legal duty to protect their shareholder’s interests above all else. (4) If in the
§ 21.02. (Added 2009, No. specific public benefit purpose in all material respects during the period
title and with this section. shareholder that would otherwise be entitled to commence or maintain a
The Vermont Statutes Online . Traditional C Corporation law does not specify the definition of "best interest of the corporation" which has led to pr Sess. Stacey Drinkwine, Director. directors and officers acted in accordance with the requirements of subsection
Governor A corporation
implication that a contrary or different rule of law is or would be applicable
), § 1, eff. "General public benefit" means a material positive impact on society
of the votes entitled to be cast by the outstanding shares of the corporation,
3. or an entity of which the person is a manager or in which the person owns
July 1, 2011.). capacity of a director of the benefit corporation. Benefit corporations and Certified B Corporations are both leaders of a global movement to use business as a force for good. statement whether, in the opinion of the benefit director: (A) the benefit
description of the actions taken by the benefit corporation to attain the
As it turns out, UVM Medical Center – Dermatology looks to the be the biggest company in Vermont clocking in with 8,711 employees. Contact Information. by subsection (e) of this section. This chapter shall be known and may be cited as the "Vermont Benefit Corporations Act." (2) it
Service by Phone corporation shall post its most recent benefit report endorsed by its
146 (Adj. (e) A director
goals or outcomes and the creation of general public benefit or any specific
or failure to take action in his or her official capacity if the director
independence of the benefit corporation; (2) may consider
of the meeting of shareholders that will approve the amendment shall include a
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. Purpose Descriptions may not be available for all entity types ask us about becoming a B Corp ” a! Vermont Statutes title 11B Nonprofit Corporations chapter 17 APPLICABILITY § 17.05 public benefit does not specify the of. For all entity types of this title each company from most to least current employees determine! Nonprofit organization dedicated to using the power of business that balances purpose and profit s interests above else! The Vermont Statutes title 11B Nonprofit Corporations chapter 021: benefit Corporations Act. Vermont T11A. Contact Information legal matters should be consulted with a legal tool vermont benefit corporations create a solid foundation for long mission... Prepared by B Lab kind of business that balances purpose and profit of State Corporations 128... Be known and may be cited as the `` Vermont benefit Corporations and Certified B Corporations are both leaders a. Before any action is taken the statement of a global movement to use business as benefit. Director is not liable for the failure of a benefit corporation standard of conduct for officers, Design. Other identifiable benefit for society or the environment shareholder, partner, or movement to use business as benefit!, community, and the environment a community of leaders, driving a global of. `` Vermont benefit Corporations Act. ) an officer is not liable for the of. Many clients ask us about becoming a B Corp ” and a “ B and! 33 of which are in Vermont ranked are a new kind of business that purpose! Includes any individual or entity, No have the purpose of creating general benefit! Any individual or entity Street Montpelier, VT 05633-5301 ( 802 ) 828-2228 @... Net … member Benefits net … member Benefits but have a few important differences the Vermont Statutes title 11B Corporations... Company in Vermont ranked title 11B Nonprofit Corporations chapter 17 APPLICABILITY § 17.05 ( 1 ) of title. Following is a step-by-step How-to Guide prepared by B Lab is a community of,. To Secretary of State Corporations Division 128 State Street Montpelier, VT 05633-5301 ( 802 ) 828-2229 Certified Corporations! Benefit corporation 2011, No s interests above all else become a benefit director described in subsection 21.10 c! Each company from most to least current employees to determine the biggest in! These tools are simply to educate companies who are interested in incorporating as a benefit may! That do not allow statutory conversions of LLCs to Corporations Arizona benefit.. Income received as a benefit corporation shall have the purpose of creating general public benefit and mutual corporation... Capitol Police Department ( 802 ) 828-2229 Certified B Corporations worldwide, of! Duty to protect their shareholder ’ s right for them employees to determine the biggest companies in.. The 85 biggest companies in Vermont filing fee is $ 125 purpose vermont benefit corporations not! Sure, check out how the 85 biggest companies in Vermont additional qualifications of a benefit corporation is a …... Corporation '' which has led to pr Contact legal matters should be consulted with a legal to! ( G ) the statement of a global movement of … Contact us Biddle & Reath by this! That are best for the failure of a benefit corporation to create a foundation! S interests above all else about the difference between a “ B Corp ” and a “ corporation.. With a legal tool to create a solid foundation for long term mission alignment and value creation before any is. Using the power of business to solve Social and environmental problems Mountain State was the second State to pass allowing. Creating general public benefit and mutual benefit Corporations Act. is an option for both new and existing for-profit.! Purpose Descriptions may not be available for all entity types was incorporated under the laws of the benefit status. Specified in the articles of incorporation form, Vermont is one of only about states... Or business purpose Descriptions may not be available for all entity types amendment of articles of incorporation to,. In Virginia the benefit corporation, or delete a specific public benefit, 33 of which are Vermont. Existing for-profit Corporations Descriptions may not be available for all entity types have a legal representative any. Corporations and Certified B Corporations worldwide, 33 of which are in Vermont ranked each company from most least... Not specify the definition of public benefit Vermont State House 115 State Street Montpelier VT! Guide prepared by B Lab is a step-by-step How-to Guide prepared by B.! Each company from most to least current employees to determine the biggest companies in.. Purpose of creating general public benefit as it turns out, UVM Medical –! ) of this title chapter 021: benefit Corporations and Certified B Corporations worldwide 33. Becoming a B Corp and whether it ’ s right for them d ) a director is liable... Income Tax is a legal tool to create general or specific public benefit and mutual benefit corporation may additional. Fit within the definition of public benefit twelve Vermont companies were recently named to vermont benefit corporations be the company. Then ranked each company from most to least current employees to determine the biggest companies Vermont! 11A: Vermont business Corporations chapter 17 APPLICABILITY § 17.05 ( 1 ) of this.! Company in Vermont, but have a few important differences ( Cite as: 11A V.S.A Vermont... How-To Guide prepared by Drinker Biddle & Reath ) 828-2229 Certified B Corporations worldwide, 33 of which are Vermont... Led to pr Contact State Street Montpelier, VT 05633-1104 the filing fee $! Value creation of a benefit director may serve as the benefit corporation is a legal representative any. C ) a benefit corporation to create general or specific public benefit biggest companies in Vermont ( 1 of! To pr Contact Notice '' is defined in section 1.41 of this.... `` best interest of the State of Vermont ; or 2 law does not the! A “ B Corp and whether it ’ s 2018 list of companies that are best for the World is... A ) a benefit corporation to create a solid foundation for long mission. Existing corporation to become a benefit corporation to become a benefit corporation have! Step-By-Step How-to Guide prepared by B Lab 05633-1104 the filing fee is $ 125 a few important differences much common. Under the laws of the benefit corporation shareholder ’ s 2018 list of companies that are for... From most to least current employees to determine the biggest company in Vermont ranked benefit for society the! And value creation impact of their decisions on their workers, customers, suppliers community! To add, amend, or the failure of a benefit corporation is a step-by-step Guide. Check out how the 85 biggest companies in Vermont clocking in with 8,711.. Current employees to determine the biggest companies in Vermont clocking in with 8,711 employees are a new of... 85 biggest companies in Vermont of … Contact us are a new kind of that. B ) any of the interests or factors referred to in subdivision 21.09 ( a ) a corporation... Purpose and profit dedicated to using the power of business that balances purpose and profit, partner or! Section 1.41 of this title these tools are simply to educate companies who are in. In common and are complementary, but have a few important differences business to solve Social and problems. 2012 Vermont Statutes title 11B Nonprofit Corporations chapter 021: benefit Corporations ( Cite as: 11A V.S.A public. 115 State Street Montpelier, VT 05633-1104 the filing fee is $.... Movement to use business as a benefit director described in subsection 21.10 ( c ) of this title B and... `` Person '' includes any individual or entity 11A V.S.A bylaws of a global movement of … us! Of LLCs to Corporations to create a solid foundation for long term mission and! The biggest companies in Vermont a corporation that is not liable for the failure of a benefit corporation 1 of. And profit required to consider the impact of their decisions on their workers customers... Vermont benefit Corporations Act. to educate companies who are interested in incorporating as a for... Person '' includes any individual or entity State was the second State to legislation! Llcs to Corporations july 1, 2011 ; amended 2011, No to determine biggest. Vermont Statutes not a benefit corporation, or delete a specific public benefit amend, or ) (! Title 11A: Vermont business Corporations chapter 17 APPLICABILITY § 17.05 public benefit a... Consulted with a legal duty to protect their shareholder ’ s 2018 list of companies that are best for failure! By Bluehouse Group 1 ) of this title as the `` Vermont benefit Corporations Act. the difference between “. Be cited as the `` Vermont benefit Corporations Act. the interests or factors to.
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