Benefit Corporation Overview - nortonimperiallabs/nortonimperiallabs GitHub Wiki

Organization Requirements

• Public Benefit Purpose
  • Public Benefit : “material, positive impact on society and the environment, taken as a whole, as assessed against a third party standard, from the business and operations of a benefit corporation”
  • Standards must be measured by third-party
    • Perhaps we can ping Bay Area Consortium of Hackerspaces if they are active?
    • National Hackerspace Organizations?
  • Going between B-corp & non B-corp requires 2/3rds of all shareholders
• Annual Benefit Report
  • Yearly report stating what is being done for our public benefit goals
  • Possible Metrics?
• Benefit Enforcement Proceeding
  • Must provide mechanism for anyone with at least 5% stake in organization if directors go against previously stated public benefit standards
  • Only for injuctive damages, no monetary damages

Paperwork Requirements

• Articles of Incorporation
  • Form ARTS-GS
  • $100
  • Let's hope the state doesn't lose our paperwork this time.
• Amending Incorporation to be a B-Corporation
  • $30 fee
• For Non-Profit (If we care to)
  • Form ARTS–PB-501(c)(3)

Resources

Benefit Corp How-To Guide California