New York has become the seventh state to authorize the incorporation of benefit corporations ("B-Corps"). The authorization of B-Corps is intended to allow socially-conscious entrepreneurs to access capital held by like-minded investors. A corporation may be incorporated as a B-Corp by providing in its certificate of incorporation that it was formed for the purpose of creating "general public benefit," which is defined as "a material positive impact on society and the environment taken as a whole, assessed against a third-party standard, from the business and operations of a benefit corporation." Subject to obtaining a supermajority approval of its shareholders, an existing for-profit New York corporation may also become a B-Corp by amending its certificate of incorporation.
S. 79A-2011 (N.Y.), A. 4692A-2011 (N.Y.)