The New York State Senate passed bill No. S7855 on Wednesday, June 16, that authorizes the incorporation of benefit corporations, bridging the gap between nonprofits and traditional businesses. A benefit corporation is one of a business structure with a social agenda, driven by more than just profits. Benefit corporations under this legislation would their consider stockholders, employees, suppliers’ workforce, customers, communities and the environment while making decisions, holding them to higher standards of corporate purpose.
The state legislature isn’t the only one promoting benefit corporations. This Sunday, June 27, the Grameen Creative Lab and the Social Enterprise Program are organizing a Social Business Lab. This event will bring in industry professionals from diverse backgrounds—including business leaders, artists, students, social business experts and NGOs—to share thoughts and ideas with the goals to:
- Develop deep understanding of social business
- Identify existing social needs in US society
- Exchange best practices of social businesses
- Connect people with similar ideas and aspirations