Delaware becomes the latest state to allow the creation of public benefit corporations. Effective August 1st Delaware will accept Articles of Incorporation of a public benefit corporation. The name must contain the words “public benefit corporation” or “PBC” and the public benefit must be included in the purpose clause.
Note that several other states have Benefit Corporation legislation enacted, including California, Hawaii, Illinois, Maryland, Massachusetts, Louisiana, New Jersey, New York, Vermont and Virginia. Legislation has also been introduced and is pending in various other states.