Michigan Business Law Update: B-Corp Legislation Introduced On May 31st

Just days ago I posted on B-Corps and the Rise of Social Entrepreneurship

Yesterday House Bill 5710 was introduced in the State House. The House Bill is tie barred with HB 5711 and HB 5712

As I’ve previously written,

B-Corps have a dual purpose –

1. To create profit and
2. “create a material positive impact on society and the environment”

This Michigan Bill would define a “general public benefit” as:

“A MATERIAL POSITIVE IMPACT ON SOCIETY AND THE ENVIRONMENT, TAKEN AS A WHOLE, AS MEASURED BY A  THIRD-PARTY STANDARD, FROM THE BUSINESS AND OPERATIONS OF A BENEFIT CORPORATION.”

I have yet to review the legislation in any detail, but wanted to put those interested on notice of this latest bill.