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• W2559806437 abstract "INTRODUCTIONIn September 2015, Kickstarter, a for-profit crowdfunding website, reincorporated from a traditional corporation to a benefit corporation.1 Kickstarter provides entrepreneurs with a platform to raise money from investors around the world.2 The company's charter states that [w]e measure our success as a company by how well we achieve [our] mission, not by the size of our profits.3 By reincorporating as a benefit corporations, Kickstarter's founders sought to reject[] business as usual, and the pursuit of profit above all.4Echoing the tone of Kickstarter's founders, beginning with Maryland in 2010, more than half the states enacted legislation authorizing the incorporation of a new form of for-profit business corporation known generally as a benefit corporation.5 Benefit corporations exist not only to maximize shareholder profit but also to pursue and benefits for public, non-corporate stakeholders-intended beneficiaries.6 Specifically, a benefit corporation must include in its certificate of incorporation that its purpose is to create a gen- eral public benefit.7 Benefit corporations may also identify the creation of specific public benefits.8The benefit corporation was designed around the proposition that forprofit entities can and should be used to make progressive social and environmental contributions.9 Indeed, corporations can wield immense power and should be encouraged to act responsibly and improve society, instead of simply operating to enlarge their bottom lines.10 To deter passivity in this lofty mission, however, benefit corporation legislation must be written in a way that encourages and sustains humanitarian activity, and include mechanisms to hold accountable those corporations that fail to follow through on their promises.11Holding corporations accountable, in the normal model, generally occurs in two ways : (1) if the entity is a for-profit corporation, directors are brought to task through a derivative suit commenced by the shareholders; and (2) if the entity is a nonprofit organization, directors or trustees are held accountable through legal actions brought by a state attorney general.12 Under the current benefit corporation model, however, intended beneficiaries are explicitly denied standing to enforce the creation of a public benefit, both in the courts and in benefit corporations' internal processes.13 In addition, as will be discussed, even shareholders themselves have limited remedies to enforce the creation of a public benefit.14 Because benefit corporations are for-profit entities and do not receive any unique tax advantages, it is unlikely that, under the current model, state attorneys general would have any power to intervene in a benefit corporation's internal affairs.15Accordingly, this Note argues that although the benefit corporation movement represents a progressive evolution in corporate law, the current form lacks accountability and enforcement mechanisms necessary to make it a worthwhile contribution to the law.16 Part I provides an overview ofthe socially conscious consumer and investor trend, the resultant introduction of benefit corporation legislation, and explores the concept of greenwashing.17 Part II discusses the benefit corporation within broader corporate law, introduces the enforcement and accountability mechanisms in the current benefit corporation form, and compares these mechanisms to the law governing nonprofit organizations.18 Part III argues that the existing legislative framework fails to adequately protect the interests of intended beneficiaries, and advocates for the addition of state attorney general oversight modeled in part after the United Kingdom's Community Interest Company.19I. THE BENEFIT CORPORATION MOVEMENTThe benefit corporation developed within an environment of public distrust of large corporations and a rejection of shareholder primacy by entrepreneurs and investors.20 This Part outlines the socially conscious consumer and investor trend and the introduction of benefit corporation legislation. …" @default.
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• W2559806437 date "2016-01-01" @default.
• W2559806437 modified "2023-09-23" @default.
• W2559806437 title "“Profit, People, Planet” Perverted: Holding Benefit Corporations Accountable to Intended Beneficiaries" @default.
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