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CERTIFICATION OF ENROLLMENT SUBSTITUTE HOUSE BILL 2239 Chapter 215, Laws of 2012 62nd Legislature 2012 Regular Session SOCIAL PURPOSE CORPORATIONS EFFECTIVE DATE: 06/07/12 Passed by the House February

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What is social purpose corporations?

Social purpose corporations are a type of business entity that is formed to pursue both economic and social goals. These corporations are required to prioritize the social or environmental benefits they create, while also generating profits.

Who is required to file social purpose corporations?

Any business that wants to operate as a social purpose corporation must file the necessary formation documents with the appropriate state agency, typically the Secretary of State or Corporation Commission. This requirement applies to both new businesses and existing ones that wish to convert to a social purpose corporation.

How to fill out social purpose corporations?

To fill out the formation documents for a social purpose corporation, you will need to provide information about the company's social or environmental purpose, specific goals, and how the corporation intends to carry out its mission. Additionally, you may also need to include information about the board of directors and any safeguards put in place to protect the social or environmental mission of the corporation.

What is the purpose of social purpose corporations?

The purpose of social purpose corporations is to create a legal framework for businesses that want to prioritize public benefits and social responsibility alongside financial success. These corporations have a mission to serve the community and the environment in addition to generating profits.

What information must be reported on social purpose corporations?

Social purpose corporations are typically required to report on their social or environmental goals, the actions taken to achieve those goals, and the overall impact the corporation has had on the community or the environment. This information may be reported annually or at regular intervals, depending on the specific requirements of the state.

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