{"id":7145,"date":"2014-12-20T08:07:51","date_gmt":"2014-12-20T15:07:51","guid":{"rendered":"http:\/\/www.keytlaw.com\/azllclaw\/?p=7145"},"modified":"2018-05-20T08:58:16","modified_gmt":"2018-05-20T15:58:16","slug":"arizona-benefit-corporation","status":"publish","type":"post","link":"https:\/\/www.keytlaw.com\/azllclaw\/2014\/12\/arizona-benefit-corporation\/","title":{"rendered":"Arizona Benefit Corporation Law Effective January 1, 2015"},"content":{"rendered":"<p style=\"text-align: justify;\">The Arizona legislature passed <a href=\"http:\/\/www.azleg.gov\/DocumentsForBill.asp?Bill_Number=SB1238&amp;Session_ID=110\" target=\"_blank\" rel=\"noopener\">Senate Bill 1238<\/a>, in April of 2013.\u00a0 Governor Brewer signed the bill on April 30, 2013.\u00a0 SB 1238 provides for the creation of a new type of Arizona corporation called the &#8220;benefit corporation&#8221; beginning January 1, 2015.\u00a0 As of the date of this post, 27 states have adopted benefit corporation statutes.<\/p>\n<p style=\"text-align: justify;\">The benefit corporation is not a type of nonprofit corporation. An Arizona benefit corporation is a type of for profit corporation that seeks higher standards of corporate purpose, accountability, and transparency.\u00a0 The Articles of Incorporation on an Arizona benefit corporation must state that the corporation is formed for a general public benefit.<\/p>\n<p style=\"text-align: justify;\">An Arizona benefit corporation may also promote one or more \u201cspecific public benefits.\u201d\u00a0 Arizona Revised Statutes Section 10-2402.5 provides that \u201cspecific public benefits\u201d include:<\/p>\n<blockquote>\n<p style=\"text-align: justify;\">(a) Providing low-income or underserved individuals or communities with beneficial products or services.<\/p>\n<p style=\"text-align: justify;\">(b) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business.<\/p>\n<p>(c) Protecting or restoring the environment.<\/p>\n<p>(d) Improving human health.<\/p>\n<p>(e) Promoting the arts, sciences or advancement of knowledge.<\/p>\n<p style=\"text-align: justify;\">(f) Increasing the flow of capital to entities with a purpose to benefit society or the environment.<\/p>\n<p style=\"text-align: justify;\">(g) Conferring any other particular benefit on society or the environment as specified in the benefit corporation\u2019s articles of incorporation.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The Arizona legislature passed Senate Bill 1238, in April of 2013.\u00a0 Governor Brewer signed the bill on April 30, 2013.\u00a0 SB 1238 provides for the creation of a new type of Arizona corporation called the &#8220;benefit corporation&#8221; beginning January 1, 2015.\u00a0 As of the date of this post, 27 states have adopted benefit corporation statutes. The benefit corporation is not a type of nonprofit corporation. An Arizona benefit corporation is a type of for profit corporation that seeks higher standards of corporate purpose, accountability, and transparency.\u00a0 The Articles of Incorporation on an Arizona benefit corporation must state that the corporation is formed for a general public benefit. An Arizona benefit corporation may also promote one or more \u201cspecific public benefits.\u201d\u00a0 Arizona Revised Statutes Section 10-2402.5 provides that \u201cspecific public benefits\u201d include: (a) Providing low-income or underserved individuals or communities with beneficial products or services. (b) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business. (c) Protecting or restoring the environment. (d) Improving human health. (e) Promoting the arts, sciences or advancement of knowledge. (f) Increasing the flow of capital to entities with a purpose to benefit society or the environment. (g) Conferring any other particular benefit on society or the environment as specified in the benefit corporation\u2019s articles of incorporation.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[66],"tags":[],"class_list":["post-7145","post","type-post","status-publish","format-standard","hentry","category-miscellaneous"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Arizona Benefit Corporation Law Effective January 1, 2015 - Arizona LLC Law %<\/title>\n<meta name=\"description\" content=\"Arizona benefit corporation attorney explains Arizona&#039;s new benefit corporation law.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.keytlaw.com\/azllclaw\/2014\/12\/arizona-benefit-corporation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Arizona Benefit Corporation Law Effective January 1, 2015\" \/>\n<meta property=\"og:description\" content=\"Arizona benefit corporation attorney explains Arizona&#039;s new benefit corporation law.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.keytlaw.com\/azllclaw\/2014\/12\/arizona-benefit-corporation\/\" \/>\n<meta property=\"og:site_name\" content=\"Arizona LLC Law\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/keytlaw\" \/>\n<meta property=\"article:author\" content=\"http:\/\/www.facebook.com\/keytlaw\" \/>\n<meta property=\"article:published_time\" content=\"2014-12-20T15:07:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-05-20T15:58:16+00:00\" \/>\n<meta name=\"author\" content=\"Richard Keyt\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Richard Keyt\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2014\\\/12\\\/arizona-benefit-corporation\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2014\\\/12\\\/arizona-benefit-corporation\\\/\"},\"author\":{\"name\":\"Richard Keyt\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#\\\/schema\\\/person\\\/9d6c74d30296559f95e238fa25182391\"},\"headline\":\"Arizona Benefit Corporation Law Effective January 1, 2015\",\"datePublished\":\"2014-12-20T15:07:51+00:00\",\"dateModified\":\"2018-05-20T15:58:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2014\\\/12\\\/arizona-benefit-corporation\\\/\"},\"wordCount\":218,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/#organization\"},\"articleSection\":[\"Miscellaneous\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2014\\\/12\\\/arizona-benefit-corporation\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2014\\\/12\\\/arizona-benefit-corporation\\\/\",\"url\":\"https:\\\/\\\/www.keytlaw.com\\\/azllclaw\\\/2014\\\/12\\\/arizona-benefit-corporation\\\/\",\"name\":\"Arizona Benefit Corporation Law Effective January 1, 2015 - 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