Richmond Biz Sense highlights the progress of a bill to establish a new corporate entity called a “benefit corporation” in Firms with Benefits.
The article follows the progress of a bill to create a new corporate entity called a “benefit corporation” that is making its way through the Virginia General Assembly. Last week, the House of Delegates unanimously approved the bill, which is now under consideration by the Senate.
The law would give businesses the ability to register as benefit corporations and incorporate a social mission to provide public benefit. It would allow corporations to consider value beyond that to shareholders, extending it to employees, consumers and the community.