H.B. 202 was introduced on February 11, 2020, and was delivered to the governor for signature on March 12, 2020. Alabama's benefit corporation legislation authorizes the creation of benefit corporations. A related bill, S.B. 427, was introduced to the Senate on May 22, 2019, authorizing the creation of both Benefit Corporations and BLLCs. The bill was referred to the Fiscal Responsibility and Economic Development Committee.
While S.B. 427 (2019) proposed authorizing BLLCs alongside benefit corporations, it remained in committee without further action.
An Act Relating to Limited Liability Companies (S.B. 517) was read for the first time and referred to Senate Committee on Judiciary on May 25, 2011, but no further action was taken.
No legislative activity recorded for SPBLP formation in Alabama. S.B. 517 relating to Low-Profit Limited Liability Companies was introduced and referred to the Senate Judiciary Committee but saw no further action. S.B. 427 was introduced on May 22, 2019, proposing to authorize both Benefit Corporations and Benefit LLCs. The bill was referred to committee. H.B. 202 was introduced on February 11, 2020, and delivered to the governor for signature on March 12, 2020, successfully establishing benefit corporations in Alabama.
No legislative activity recorded for SPC formation in Alabama.
No legislative activity recorded for Benefit Corporation formation in Alaska.
No legislative activity recorded for BLLC formation in Alaska.
No legislative activity recorded for L3C formation in Alaska.
No legislative activity recorded for SPBLP formation in Alaska.
No legislative activity recorded for SPC formation in Alaska.
The Arizona Benefit Corporation Act took effect from and after December 31, 2014. The legislation established benefit corporations as a recognized corporate form in Arizona.
No legislative activity recorded for BLLC formation in Arizona.
No legislative activity recorded for L3C formation in Arizona.
No legislative activity recorded for SPBLP formation in Arizona. Arizona enacted benefit corporation legislation, with the act taking effect from and after December 31, 2014, establishing a legal framework for corporations to pursue both profit and public benefit.
No legislative activity recorded for SPC formation in Arizona.
Effective date was July 27, 2013. HB1510 was named Act 1388 on April 19, 2013.
No legislative activity recorded for BLLC formation in Arkansas.
No legislative activity recorded for L3C formation in Arkansas.
No legislative activity recorded for SPBLP formation in Arkansas. Arkansas enacted the Arkansas Benefit Corporation Act, which became effective on July 27, 2013. H.B. 1510 was designated as Act 1388 on April 19, 2013.
No legislative activity recorded for SPC formation in Arkansas.
California enacted benefit corporation legislation in 2012, requiring benefit corporations to pursue general public benefit alongside profit. Directors must consider stakeholder interests beyond shareholders in decision-making.
California was the first state to enact social purpose corporation legislation through the Corporate Flexibility Act of 2011, later renamed the Social Purpose Corporation Act. This pioneering legislation allows corporations to pursue both profit and specific social or environmental purposes.
No legislative activity recorded for BLLC formation in California.
No legislative activity recorded for L3C formation in California.
No legislative activity recorded for SPBLP formation in California. California became the first state to enact social purpose corporation legislation through the Corporate Flexibility Act of 2011. This groundbreaking law was later renamed the Social Purpose Corporation Act. California enacted the California Benefit Corporation Act, taking effect on January 1, 2012. This made California one of the early adopters of benefit corporation legislation following Maryland and Vermont. California made amendments to the Social Purpose Corporation Act, refining the framework for corporations pursuing both profit and social or environmental purposes.
Colorado, like Delaware, has deviated from the Model Act, and is also the only state in which the Secretary of State has declared that public benefit corporations may be subject to regulation under a state charitable solicitation act. The Colorado statute was amended in 2022 by SB 22-045 to change PBC conversion voting thresholds from a two-thirds requirement to a simple majority, and eliminate appraisal rights for shareholders objecting to the conversion of a non-PBC to a PBC.
No legislative activity recorded for BLLC formation in Colorado.
Colorado legislature was considering proposed L3C legislation in 2010 and indefinitely postponed it in the same year.
No legislative activity recorded for SPBLP formation in Colorado. Colorado enacted the Public Benefit Corporation Act of Colorado, deviating from the Model Act with unique provisions including potential regulation under state charitable solicitation acts.
No legislative activity recorded for SPC formation in Colorado.
The Connecticut Benefit Corporation Act is the only one of its kind to include a "legacy preservation" provision allowing a benefit corporation to adopt a so-called "asset lock" following 24 months of continuous operation. Effective October 1, 2014.
S.B. 12 was referred to the Joint Committee on Judiciary on January 4, 2017. H.B. 5251 was referred to the Joint Committee on Judiciary on February 26, 2018. Both bills failed to advance.
S.B. 528 died in the Joint Committee on Commerce in 2013. A previous version of the bill, S.B. 403, died in chamber in 2012.
No legislative activity recorded for SPBLP formation in Connecticut. Connecticut enacted the Connecticut Benefit Corporation Act with a unique "legacy preservation" provision allowing benefit corporations to adopt an "asset lock" after 24 months of operation. The Act became effective October 1, 2014.
No legislative activity recorded for SPC formation in Connecticut.
Delaware's Public Benefit Corporation Act deviates from the Model Benefit Corporation legislation. On June 24, 2015, Gov. Jack Markell signed S.B. 75 into law, which amended 362 and 363 relating to the use of the "P.B.C." designation, voting thresholds, and appraisal rights. On July 16, 2020, the Governor signed H.B. 341 into law, which amended 363, 365 and 367 relating to the voting thresholds and appraisal rights, changing the voting threshold from a two thirds to a majority requirement. Effective date was August 1, 2013.
Subchapter XII of the DLLCA. Effective on August 1, 2018. On June 30, 2021, the Governor signed S.B. 114 into law, which amended 1201 to provide for the manner in which a limited liability company may become a statutory public benefit limited liability company and 1202(a) to require that the BLLC company agreement must set forth the specific public benefit(s) to be promoted by the company.
Delaware enacted SPBLP legislation as part of its comprehensive social enterprise legal framework.
No legislative activity recorded for L3C formation in Delaware.
No legislative activity recorded for SPC formation in Delaware. Delaware enacted its Public Benefit Corporation Act, effective August 1, 2013. The Delaware statute deviates from the Model Benefit Corporation legislation in several key respects. Gov. Jack Markell signed S.B. 75 into law, amending sections 362 and 363 relating to the use of the "P.B.C." designation, voting thresholds, and appraisal rights. Delaware enacted Statutory Public Benefit Limited Liability Company legislation, effective August 1, 2018, as part of Subchapter XII of the DLLCA. The Governor signed H.B. 341 into law, amending sections 363, 365 and 367 relating to voting thresholds and appraisal rights, changing the voting threshold from two-thirds to a majority requirement. The Governor signed S.B. 114 into law, amending BLLC provisions to clarify conversion procedures and require that company agreements set forth specific public benefits.
No legislative activity recorded for Benefit Corporation formation in the District of Columbia.
No legislative activity recorded for BLLC formation in the District of Columbia.
No legislative activity recorded for L3C formation in the District of Columbia.
No legislative activity recorded for SPBLP formation in the District of Columbia.
No legislative activity recorded for SPC formation in the District of Columbia.
Florida simultaneously adopted the social purpose corporation and benefit corporation forms, effective July 1, 2014. The state took the unique approach of enacting both forms in the same legislation, providing comprehensive options for social enterprises.
Florida simultaneously adopted the social purpose corporation and benefit corporation forms, effective July 1, 2014. H.B. 1285, effective July 1, 2018, inter alia, authorizes state banks and trust companies to form as SPC or Bcorps.
No legislative activity recorded for BLLC formation in Florida.
No legislative activity recorded for L3C formation in Florida.
No legislative activity recorded for SPBLP formation in Florida. Florida took the unique approach of simultaneously adopting both the Social Purpose Corporation and Benefit Corporation forms, effective July 1, 2014. This comprehensive legislation provided multiple options for social enterprises in the state. H.B. 1285 became effective July 1, 2018, authorizing state banks and trust companies to form as either Social Purpose Corporations or Benefit Corporations, expanding the reach of social enterprise forms into the financial sector.
H.B. 230 was introduced on February 8, 2019. The bill passed the House on March 5, 2019 and passed the Senate on June 25, 2020. It was signed by the Governor on July 29, 2020, establishing benefit corporations as a legal entity in Georgia.
No legislative activity recorded for BLLC formation in Georgia.
An Act to Provide for Low-Profit Limited Liability Companies (H.B. 594) was introduced in the 151st General Assembly Regular Session in 2011, but no further action was taken.
No legislative activity recorded for SPBLP formation in Georgia. H.B. 594 was introduced to provide for Low-Profit Limited Liability Companies but saw no further legislative action. H.B. 230 was introduced on February 8, 2019, and passed the House on March 5, 2019. H.B. 230 passed the Senate on June 25, 2020, and was signed by the Governor on July 29, 2020, officially establishing benefit corporations in Georgia.
No legislative activity recorded for SPC formation in Georgia.
No legislative activity recorded for Benefit Corporation formation in Hawaii.
No legislative activity recorded for BLLC formation in Hawaii.
No legislative activity recorded for L3C formation in Hawaii.
No legislative activity recorded for SPBLP formation in Hawaii.
No legislative activity recorded for SPC formation in Hawaii.
The Idaho Benefit Corporation Act was signed into law on April 2, 2015 and took effect July 1, 2015.
No legislative activity recorded for BLLC formation in Idaho.
No legislative activity recorded for L3C formation in Idaho.
No legislative activity recorded for SPBLP formation in Idaho. Idaho enacted the Idaho Benefit Corporation Act, which was signed into law on April 2, 2015 and became effective July 1, 2015.
No legislative activity recorded for SPC formation in Idaho.
Illinois enacted its Benefit Corporation Act, effective on January 1, 2013. This legislation established a comprehensive framework for benefit corporations in the state, complementing the existing L3C legislation.
The Illinois L3C statute is the only one of its kind that subjects L3Cs to regulatory oversight by the Attorney General. On February 4, 2015, H.B. 1367 was introduced by Rep. Kelly M. Cassidy to expand the corporate purposes of Illinois L3Cs. Effective on January 1, 2010.
No legislative activity recorded for BLLC formation in Illinois.
No legislative activity recorded for SPBLP formation in Illinois. Illinois enacted the Low-Profit Limited Liability Company Act, effective January 1, 2010. This made Illinois an early adopter of the L3C form, following Vermont and Utah. Illinois enacted comprehensive benefit corporation legislation, effective January 1, 2013. This established Illinois as one of the states offering multiple social enterprise forms. H.B. 1367 was introduced by Rep. Kelly M. Cassidy to expand the corporate purposes of Illinois L3Cs, demonstrating ongoing legislative interest in improving social enterprise frameworks.
No legislative activity recorded for SPC formation in Illinois.
H.B. 1015 was signed into law by Gov. Mike Pence on April 30, 2015. The law took effect on January 1, 2016. A previous version of the bill, H.B. 1260, died in the House Committee on Judiciary in 2014.
No legislative activity recorded for BLLC formation in Indiana.
S.B. 501 died in the Committee on Commerce and Economic Development in 2011.
No legislative activity recorded for SPBLP formation in Indiana. Indiana enacted benefit corporation legislation when Gov. Mike Pence signed H.B. 1015 into law on April 30, 2015. The law took effect on January 1, 2016.
No legislative activity recorded for SPC formation in Indiana.
H.F. 844 was introduced on March 17, 2021. The bill passed the House on April 13, 2021 and the Senate on May 5, 2021. It was signed by the Governor on June 8, 2021. Several companion bills were introduced in previous years, including H.F. 312, H.F. 229, and H.F. 645 in 2019, and H.F. 62 and S.F. 221 in 2017. A previous version, H.F. 2063, was introduced on January 20, 2016 but died in the House Judiciary Committee.
No legislative activity recorded for BLLC formation in Iowa.
An Act Providing for Limited Liability Companies Organized on a Low-Profit Basis (S.F. 158) was introduced in the 84th General Assembly, 2011 Session, but did not advance.
No legislative activity recorded for SPBLP formation in Iowa. S.F. 158 was introduced to provide for Limited Liability Companies organized on a low-profit basis but did not advance. H.F. 2063 was introduced on January 20, 2016 but died in the House Judiciary Committee. Companion benefit corporation bills H.F. 62 and S.F. 221 were introduced in the House and Senate, referred to the Committees on Commerce. Companion bills H.F. 312, H.F. 229, and H.F. 645 were introduced on February 8, February 5, and March 6, 2019, respectively. H.F. 844 was introduced on March 17, 2021, passed both houses, and was signed by the Governor on June 8, 2021, finally establishing benefit corporations in Iowa after multiple attempts.
No legislative activity recorded for SPC formation in Iowa.
H.B. 2153 was introduced on January 25, 2017, enrolled and approved in May 2017, and effective as law as of July 1, 2017. The passage of the bill effectively amended the Kansas General Corporations Code to allow for formation of public benefit corporations.
No legislative activity recorded for BLLC formation in Kansas.
H.B. 2361 died in the Judiciary Committee in 2014.
No legislative activity recorded for SPBLP formation in Kansas. Kansas amended its General Corporations Code to allow for formation of public benefit corporations. H.B. 2153 was introduced on January 25, 2017, enrolled and approved in May 2017, and became effective July 1, 2017.
No legislative activity recorded for SPC formation in Kansas.
H.B. 35 was pre-filed by Rep. Jerry Miller on December 1, 2016 for the 2017 Regular Session. The bill passed in the House by a vote of 78-17 on February 14, 2017, and passed in the Senate by a vote of 37-1 on March 7, 2017. H.B. 35 was signed into law on March 20, 2017. The Kentucky bill tracks the language of the Delaware PBC statute in many respects.
No legislative activity recorded for BLLC formation in Kentucky.
H.B. 110 died in the Judiciary Committee in 2011.
No legislative activity recorded for SPBLP formation in Kentucky. Kentucky enacted public benefit corporation legislation tracking the Delaware PBC statute. H.B. 35 passed with strong bipartisan support (House 78-17, Senate 37-1) and was signed into law on March 20, 2017.
No legislative activity recorded for SPC formation in Kentucky.
Louisiana enacted comprehensive benefit corporation legislation in 2012, establishing one of the early frameworks for benefit corporations in the United States. The legislation provides a robust structure for corporations seeking to balance profit with social and environmental benefits.
Louisiana enacted L3C legislation in 2013, complementing its existing benefit corporation framework. This provides Louisiana businesses with multiple options for pursuing social enterprise goals through different organizational structures.
No legislative activity recorded for BLLC formation in Louisiana.
No legislative activity recorded for SPBLP formation in Louisiana. Louisiana enacted comprehensive benefit corporation legislation, establishing a framework for corporations seeking to balance profit with social and environmental benefits. Louisiana was among the early adopters of this corporate form. Louisiana added the Low-profit Limited Liability Company to its social enterprise options, providing businesses with an additional structure for pursuing charitable and social purposes while allowing limited profit distribution.
No legislative activity recorded for SPC formation in Louisiana.
L.D. 1519 was signed into law by Governor Mills on June 17, 2019. A previous version of this bill (L.D. 1154/H.P. 792) was passed by the House and Senate on June 10, 2015 but was vetoed by Gov. Paul LePage on June 22, 2015. The House fell 8 votes short of the required 2/3 majority to override the veto on June 23, 2015.
Maine enacted L3C legislation as part of a comprehensive update to its Limited Liability Company Act. This established Maine as one of the states offering the L3C form for social enterprises seeking to pursue charitable purposes with limited profit distribution.
No legislative activity recorded for BLLC formation in Maine.
No legislative activity recorded for SPBLP formation in Maine. Maine enacted L3C legislation as part of a comprehensive update to its Limited Liability Company Act, providing businesses with the option to pursue charitable purposes while allowing limited profit distribution. L.D. 1154/H.P. 792 passed both the House and Senate on June 10, 2015, but was vetoed by Gov. Paul LePage on June 22, 2015. The House fell 8 votes short of the required 2/3 majority to override the veto. L.D. 1519 was signed into law by Governor Mills on June 17, 2019, successfully establishing the benefit corporation form in Maine after the previous legislative attempt was vetoed. The Governor signed L.D. 846 into law, directing the Secretary of State to develop website information for promoting public awareness of benefit corporations and providing businesses with directions for establishing themselves as benefit corporations.
No legislative activity recorded for SPC formation in Maine.
In 2010, Maryland became the first state to authorize the benefit corporation. This groundbreaking legislation established the framework that would be adopted by dozens of other states, making Maryland the pioneer of benefit corporation law in the United States.
Maryland was the first state to enact Benefit LLC legislation. This innovative law created a new structure for LLCs seeking to pursue social and environmental benefits alongside profit. A list of Maryland Benefit LLCs is available from the state's Department of Assessments and Taxation.
H.B. 552 was withdrawn on April 6, 2011 after an unfavorable report from the Economic Matters Committee. Despite Maryland's leadership in other social enterprise forms, L3C legislation was not successful.
No legislative activity recorded for SPBLP formation in Maryland. Maryland made history by becoming the first state to authorize the benefit corporation. This pioneering legislation created a new corporate form that would inspire similar laws in dozens of other states. H.B. 552, which would have created the Low-profit Limited Liability Company form, was withdrawn after receiving an unfavorable report from the Economic Matters Committee. Maryland again broke new ground by becoming the first state to enact Benefit LLC legislation, creating a social enterprise option for limited liability companies. This established Maryland as the leader in innovative social enterprise legal structures.
No legislative activity recorded for SPC formation in Maryland.
Massachusetts enacted benefit corporation legislation in 2013, establishing a legal framework for corporations to pursue both profit and public benefit purposes.
No legislative activity recorded for BLLC formation in Massachusetts.
An Act Relative to Creating Low-Profit Limited Liability Companies has been introduced multiple times. S. 1962 reintroduced L3C legislation on January 20, 2017. Previous versions of this bill, including S. 111/S. 2145 (189th Gen. Ct. 2015-2016) and H.B. 1868 (187th Gen. Ct. 2011-2012), died in committee.
No legislative activity recorded for SPBLP formation in Massachusetts. H.B. 1868 was introduced during the 187th General Court but died in committee. Massachusetts successfully enacted benefit corporation legislation, establishing Chapter 156E of the General Laws. S. 111/S. 2145 were introduced during the 189th General Court but died in committee. S. 1962 reintroduced L3C legislation on January 20, 2017, continuing efforts to establish low-profit limited liability companies in Massachusetts.
No legislative activity recorded for SPC formation in Massachusetts.
H.B. 5387 was introduced on November 14, 2023 and was referred to the House Committee on Judiciary. In 2024, H.B. 5867 was read a second time and placed on third reading status. H.B. 5867 reintroduced benefit corporation legislation on April 24, 2018 and was referred to the House Committee on Commerce and Trade. Its passage is conditioned upon the approval of other bills (a so-called tie bar), namely, H.B.s 5868, 5869 and 5872.
Michigan enacted L3C legislation in 2013, allowing for the creation of low-profit limited liability companies.
No legislative activity recorded for BLLC formation in Michigan.
No legislative activity recorded for SPBLP formation in Michigan. Michigan enacted the Limited Liability Company Act, establishing L3Cs as a recognized corporate form. H.B. 5867 reintroduced benefit corporation legislation on April 24, 2018, referred to the House Committee on Commerce and Trade. H.B. 5387 was introduced on November 14, 2023 and referred to the House Committee on Judiciary. H.B. 5867 was read a second time and placed on third reading status, showing progress toward potential enactment.
No legislative activity recorded for SPC formation in Michigan.
The Minnesota Public Benefit Corporation Act took effect on January 1, 2015. It is the only one of its kind to authorize two types of benefit corporations: the general benefit corporation and the specific benefit corporation.
No legislative activity recorded for BLLC formation in Minnesota.
H.F. 2702 died in the Committee on Commerce and Regulatory Reform in 2012.
No legislative activity recorded for SPBLP formation in Minnesota. Minnesota enacted unique benefit corporation legislation authorizing both general benefit corporations and specific benefit corporations. The Act took effect on January 1, 2015.
No legislative activity recorded for SPC formation in Minnesota.
Mississippi has attempted to pass benefit corporation legislation at least 8 times without success. H.B. 437 was introduced on January 22, 2024, but died in committee. H.B. 207 was introduced on January 4, 2023, but died in committee. H.B. 149 was introduced on January 4, 2022, but died in committee. H.B. 703 was introduced on January 18, 2021, but died in committee. H.B. 952 was introduced on February 14, 2020 but died in committee. H.B. 8 was introduced on January 11, 2019 but died in committee on February 5, 2019. H.B. 544 was introduced on January 8, 2018 and was referred to the House Judiciary Committee, dying in committee on January 30, 2018. A previous version of the bill, H.B. 673, was introduced on January 13, 2017 but died in committee on January 31, 2017.
No legislative activity recorded for BLLC formation in Mississippi.
No legislative activity recorded for L3C formation in Mississippi.
No legislative activity recorded for SPBLP formation in Mississippi. H.B. 673 introduced on January 13, 2017 but died in committee on January 31, 2017. H.B. 544 introduced on January 8, 2018, referred to House Judiciary Committee, died in committee on January 30, 2018. H.B. 8 introduced on January 11, 2019 but died in committee on February 5, 2019. H.B. 952 introduced on February 14, 2020 but died in committee. H.B. 703 introduced on January 18, 2021 but died in committee. H.B. 149 introduced on January 4, 2022 but died in committee. H.B. 207 introduced on January 4, 2023 but died in committee. H.B. 437 introduced on January 22, 2024 but died in committee, marking the eighth consecutive failed attempt.
No legislative activity recorded for SPC formation in Mississippi.
H.B. 1936 was introduced on January 8, 2020 and read for a second time on January 9. Previously, benefit corporation bills H.B. 1448 and H.B. 1154 were introduced in 2019. H.B. 1448 was prefiled on December 2, 2019. H.B. 1154 was introduced on February 28, 2019. S.B. 105 was pre-filed on December 1, 2018 and had its first reading in the Senate on January 9, 2019. On February 19, 2019 the Senate General Laws Committee voted "Do not pass." S.B. 467 was introduced on February 23, 2017 and was referred to the Senate Small Business and Industry Committee on March 2, 2017. The pending bill tracks the Model Benefit Corporation Legislation, however, a previous version of benefit corporation legislation that tracked the Delaware PBC statute (H.B. 1956) was introduced in 2014 but died in the House Corrections Committee on May 16, 2014.
No legislative activity recorded for BLLC formation in Missouri.
H.B. 1890 was introduced on January 4, 2018 to create new provisions relating to Low-Profit Limited Liability Corporations but did not advance.
No legislative activity recorded for SPBLP formation in Missouri. H.B. 1890 introduced to create Low-Profit Limited Liability Corporations. H.B. 1956 introduced tracking the Delaware PBC statute but died in the House Corrections Committee on May 16, 2014. S.B. 467 introduced on February 23, 2017 and referred to the Senate Small Business and Industry Committee on March 2, 2017. S.B. 105 pre-filed on December 1, 2018. H.B. 1890 introduced on January 4, 2018 for L3Cs. S.B. 105 had first reading on January 9, 2019; Senate General Laws Committee voted "Do not pass" on February 19. H.B. 1154 introduced on February 28, 2019. H.B. 1448 prefiled on December 2, 2019. H.B. 1936 introduced on January 8, 2020 and read for a second time on January 9.
No legislative activity recorded for SPC formation in Missouri.
The Montana Benefit Corporation Act was signed into law on April 27, 2015 and took effect July 1, 2015.
No legislative activity recorded for BLLC formation in Montana.
H.B. 415 died in Standing Committee in 2011.
No legislative activity recorded for SPBLP formation in Montana. Montana enacted the Montana Benefit Corporation Act, which was signed into law on April 27, 2015 and became effective July 1, 2015.
No legislative activity recorded for SPC formation in Montana.
Nebraska enacted the Nebraska Benefit Corporation Act in 2014.
No legislative activity recorded for BLLC formation in Nebraska.
No legislative activity recorded for L3C formation in Nebraska.
No legislative activity recorded for SPBLP formation in Nebraska. Nebraska enacted the Nebraska Benefit Corporation Act in 2014.
No legislative activity recorded for SPC formation in Nebraska.
Nevada was one of seven states in 2014 to enact benefit corporation legislation.
No legislative activity recorded for BLLC formation in Nevada.
A.B. 172 was introduced on February 13, 2017. No further action was allowed as of April 14, 2017.
No legislative activity recorded for SPBLP formation in Nevada. Nevada was one of seven states in 2014 to enact benefit corporation legislation.
No legislative activity recorded for SPC formation in Nevada.
The New Hampshire Benefit Corporation Act took effect on January 1, 2015, establishing benefit corporations as a recognized corporate form in the state.
No legislative activity recorded for BLLC formation in New Hampshire.
An Act Relative to Low-Profit Limited Liability Companies (S.B. 352) was introduced in the 2012 Regular Session but died in the Senate Commerce Committee.
No legislative activity recorded for SPBLP formation in New Hampshire. S.B. 352 was introduced to create Low-Profit Limited Liability Companies but died in the Senate Commerce Committee. New Hampshire enacted benefit corporation legislation, with the act taking effect on January 1, 2015.
No legislative activity recorded for SPC formation in New Hampshire.
New Jersey enacted benefit corporation legislation in 2013. A 1319 was introduced into the Assembly on January 11, 2022, which would provide increased tax credits for "Garden State Corporations" that are also benefit corporations.
No legislative activity recorded for BLLC formation in New Jersey.
No legislative activity recorded for L3C formation in New Jersey.
No legislative activity recorded for SPBLP formation in New Jersey. New Jersey enacted benefit corporation legislation, establishing sections 14A:18-1 to 14A:18-11 of the New Jersey Business Corporation Act. A 1319 was introduced on January 11, 2022, proposing increased tax credits for "Garden State Corporations" that are also benefit corporations.
No legislative activity recorded for SPC formation in New Jersey.
New Mexico's Benefit Corporation Legislation was signed by the Governor on March 6, 2020. Previous versions of the bill were introduced in 2019 and 2018. New Mexico benefit corporation bill (H.B. 118) was introduced on December 20, 2018, and sent to House Commerce and Economic Development Committee on January 16, 2019. An earlier benefit corporation bill, H.B. 467, was introduced on February 15, 2017 and passed the House by a unanimous vote of 66-0 on March 10, 2017. The bill was referred to the Senate Committee on Corporations and Transportation on March 14, 2017 and was subsequently withdrawn from committee pending further action on March 18, 2017 prior to the legislature adjourning sine die. In 2013 and 2014, New Mexico considered bills that would have created a voluntary benefit corporation "designation" for existing corporations and partnerships, but did not seek to create a new corporate form. Neither of these bills were passed into law.
No legislative activity recorded for BLLC formation in New Mexico.
No legislative activity recorded for L3C formation in New Mexico.
No legislative activity recorded for SPBLP formation in New Mexico. New Mexico considered bills that would have created a voluntary benefit corporation "designation" for existing corporations and partnerships. S.B. 96 was introduced on December 29, 2014 and was postponed indefinitely on January 22, 2015. A prior version of the bill was passed by both houses of the legislature, but was pocket vetoed by Gov. Susana Martinez on April 8, 2013. H.B. 467 was introduced on February 15, 2017 and passed the House by a unanimous vote of 66-0 on March 10, 2017. The bill was withdrawn from the Senate Committee on March 18, 2017 prior to the legislature adjourning sine die. New Mexico benefit corporation bill (H.B. 118) was introduced on December 20, 2018, and sent to House Commerce and Economic Development Committee on January 16, 2019. H.B. 118 was signed by the Governor on March 6, 2020, finally establishing benefit corporations in New Mexico after multiple legislative attempts.
No legislative activity recorded for SPC formation in New Mexico.
New York enacted benefit corporation legislation in 2013, establishing sections 1701-1709 of the Business Corporation Law.
No legislative activity recorded for BLLC formation in New York.
An Act to Amend the Limited Liability Company Law, in Relation to Establishing the L3C Act Regarding Low-Profit Limited Liability Companies has been introduced multiple times. New York's L3C bill (A 10060) was introduced on March 14, 2018. The bill was referred to the Corporations, Authorities, and Commissions and the bills enacting clause was stricken on April 9, 2018, meaning the main sponsor, Assemblywoman Amy Paulin, removed her name from the bill and the bill died. This marks the second consecutive year that New York's L3C bill has died. A previous version of the bill (A 5859), which was introduced on February 16, 2017, died on January 1, 2018 when the enacting clause was stricken.
No legislative activity recorded for SPBLP formation in New York. New York enacted benefit corporation legislation, establishing the legal framework for corporations to pursue both profit and public benefit. A 5859 was introduced on February 16, 2017, to establish Low-Profit Limited Liability Companies. The bill died on January 1, 2018 when the enacting clause was stricken after being referred to the Corporations, Authorities, and Commissions. A 10060 was introduced on March 14, 2018. The bill's enacting clause was stricken on April 9, 2018, with the main sponsor, Assemblywoman Amy Paulin, removing her name from the bill, marking the second consecutive year that New York's L3C bill died.
No legislative activity recorded for SPC formation in New York.
H.B. 616 was introduced on April 5, 2017 and failed its second reading on June 26, 2017.
No legislative activity recorded for BLLC formation in North Carolina.
No legislative activity recorded for SPBLP formation in North Carolina. North Carolina initially enacted L3C legislation, allowing for the creation of low-profit limited liability companies. S.B. 439 repealed North Carolina's L3C statute, making North Carolina the only state to abolish the L3C form after enacting it. H.B. 616 was introduced on April 5, 2017 but failed its second reading on June 26, 2017.
No legislative activity recorded for SPC formation in North Carolina.
H.B. 1466 was introduced on January 14, 2019. It passed the legislative assembly on February 5, 2019. On April 8, 2019 it was referred to the Industry, Business and Labor Committee. Interestingly, this is the first time North Dakota has considered benefit corporation legislation since 2015, when it considered a previous version of the bill (H.B. 1237), which passed in the House by a vote of 87-6 on January 27, 2015 but failed after its second reading in the Senate by a vote of 44-2 on March 24, 2015.
No legislative activity recorded for BLLC formation in North Dakota.
The North Dakota House voted against H.B. 1299 by a 23-65 vote on January 25, 2013. H.B. 1447 was reintroduced in 2015 but failed on its second reading.
No legislative activity recorded for SPBLP formation in North Dakota. H.B. 1299 was voted down by the North Dakota House by a 23-65 vote on January 25, 2013. H.B. 1237 (Benefit Corporation) passed the House by a vote of 87-6 on January 27, 2015 but failed in the Senate by a vote of 44-2 on March 24, 2015. H.B. 1447 (L3C) was reintroduced but failed on its second reading. H.B. 1466 was introduced on January 14, 2019, passed the legislative assembly on February 5, 2019, and was referred to the Industry, Business and Labor Committee on April 8, 2019.
No legislative activity recorded for SPC formation in North Dakota.
After a prior unsuccessful attempt to pass benefit corporation legislation, on December 18, 2020, the governor signed S.B. 21 enacting the benefit corporation form. The new law became effective on March 24, 2021. A nearly identical version of the bill (S.B. 205) was introduced on September 28, 2017, passed in the Senate by a unanimous vote of 30-0 on November 28, 2018, and died in the House.
No legislative activity recorded for BLLC formation in Ohio.
No legislative activity recorded for L3C formation in Ohio.
No legislative activity recorded for SPBLP formation in Ohio. S.B. 205 was introduced on September 28, 2017, to establish benefit corporations in Ohio. S.B. 205 passed in the Senate by a unanimous vote of 30-0 on November 28, 2018, but ultimately died in the House. On December 18, 2020, the governor signed S.B. 21 enacting the benefit corporation form. The benefit corporation law became effective on March 24, 2021, officially establishing benefit corporations as a legal entity in Ohio.
No legislative activity recorded for SPC formation in Ohio.
Oklahoma's benefit corporation bill (H.B. 2423) was signed by the Governor on April 15, 2019. It was first introduced on February 4, 2019. The bill passed in the House by a unanimous vote of 93-0 on March 14, 2019 and passed in the Senate by a unanimous vote of 46-0 on April 8, 2019. Previous bills in the House (H.B. 1809) and Senate (S.B. 343) were introduced on February 6, 2017, but neither bill went to their respective floors for a vote and died in committee in 2018. Earlier versions of these bills were introduced in 2015 (H.B. 1039) and in 2016 (S.B. 1121), but died in the House Judiciary and Civil Procedure Committee and Senate Judiciary Committee, respectively.
After enacting benefit corporation legislation in 2019, Oklahoma's Senate introduced S.B. 1741 in 2020, which included a section that would permit companies to form benefit limited liability companies. The bill passed the Senate unanimously, but the session ended before the House voted on the matter.
An Act Relating to Corporations (H.B. 1088) was introduced in the 53rd Legislature, 1st Regular Session in 2011, but died in the House Judiciary Committee.
No legislative activity recorded for SPBLP formation in Oklahoma. H.B. 1088 was introduced to create Low-Profit Limited Liability Companies but died in the House Judiciary Committee. H.B. 1039 was introduced but died in the House Judiciary and Civil Procedure Committee. S.B. 1121 was introduced but died in the Senate Judiciary Committee. H.B. 1809 and S.B. 343 were introduced on February 6, 2017, but neither bill went to their respective floors for a vote and died in committee in 2018. H.B. 2423 was introduced on February 4, 2019, passed both houses unanimously, and was signed by the Governor on April 15, 2019. S.B. 1741 was introduced to add benefit limited liability companies. The bill passed the Senate unanimously but the session ended before the House could vote.
No legislative activity recorded for SPC formation in Oklahoma.
The Oregon Act uses the term "benefit company" and permits both corporations and LLCs to adopt the benefit company form. This unique approach creates flexibility for different types of business entities to pursue social and environmental benefits.
Oregon's innovative approach allows LLCs to adopt the benefit company form under the same legislation that covers benefit corporations. This unified framework makes Oregon unique in allowing both corporate and LLC structures under a single "benefit company" designation.
H.B. 2745 died in the House Business and Labor Committee in 2011, representing an early attempt to establish L3C legislation in Oregon before the state ultimately chose the benefit company approach.
No legislative activity recorded for SPBLP formation in Oregon. H.B. 2745, which would have created the Low-profit Limited Liability Company form, died in the House Business and Labor Committee. This represented Oregon's first attempt at social enterprise legislation. Oregon took an innovative approach by enacting legislation that allows both corporations and LLCs to adopt the "benefit company" form under a single unified statute. This makes Oregon unique in its comprehensive approach to social enterprise structures.
No legislative activity recorded for SPC formation in Oregon.
Pennsylvania was one of five states that enacted benefit corporation legislation in 2012. H.B. 2057 was introduced in 2021 and signed into law in 2022, amending Title 15 to further provide for the standard of conduct for directors, benefit directors, and officers of benefit corporations. It specifies that the ownership of, or other interest in, the share of a benefit corporation, does not by itself create a conflict of interest on the part of the director.
The Pennsylvania benefit company law tracks the language of the Model Benefit Corporation Legislation. This legislation established Pennsylvania as one of the few states offering both benefit corporation and benefit LLC forms for social enterprises.
No legislative activity recorded for L3C formation in Pennsylvania.
No legislative activity recorded for SPBLP formation in Pennsylvania. Pennsylvania was one of five states that enacted benefit corporation legislation in 2012, establishing an early framework for social enterprise corporations in the state. Pennsylvania enacted benefit company law that tracks the language of the Model Benefit Corporation Legislation, expanding social enterprise options to include limited liability companies. H.B. 501 was introduced, proposing to allow benefit corporations to receive a 1.5% discount on the standard interest rate for certain types of loans, demonstrating ongoing legislative support for social enterprises. H.B. 2057 was signed into law, amending Title 15 to further clarify standards of conduct for directors and officers of benefit corporations, and specifying that ownership interests do not create inherent conflicts of interest.
No legislative activity recorded for SPC formation in Pennsylvania.
H.B. 501 was introduced in 2021 and referred to Commerce. This bill would amend Title 12 to allow benefit corporations to receive a 1.5% discount on the standard interest rate for certain types of loans, providing financial incentives for social enterprise formation.
In 2013, Rhode Island was one of seven states that enacted benefit corporation legislation. This established a comprehensive framework for corporations seeking to balance profit with social and environmental benefits.
No legislative activity recorded for BLLC formation in Rhode Island.
Rhode Island enacted L3C legislation in 2013 as part of its Limited Liability Company Act. However, recent legislative efforts have sought to eliminate the L3C form. S.B. 2782 was introduced on March 8, 2024, which would have replaced Rhode Island's existing LLC act, eliminating the L3C form in the state. The bill was held for further study on April 11, 2024.
No legislative activity recorded for SPBLP formation in Rhode Island. Rhode Island was one of seven states that enacted benefit corporation legislation in 2013. The same year, the state also enacted L3C legislation as part of its Limited Liability Company Act, providing businesses with two social enterprise options. Rhode Island introduced legislation in 2023 to repeal its existing L3C form as part of a broader review of LLC legislation. This initial effort was held for further study, similar to the 2024 attempt. S.B. 2782 was introduced on March 8, 2024, proposing to replace Rhode Island's existing LLC act and eliminate the L3C form. The Committee recommended holding the measure for further study on April 11, 2024, indicating ongoing legislative review of social enterprise forms.
No legislative activity recorded for SPC formation in Rhode Island.
S.B. 2782 was introduced on March 8, 2024. The bill would have replaced Rhode Island's existing LLC act, eliminating the L3C form in the state. The bill was referred to committee on March 8, 2024. The Committee recommended the measure be held for further study on April 11, 2024. This legislation is part of an overall review of the legislation authorizing LLCs, of which the L3C is a narrower form.
In 2012, South Carolina was one of five states that enacted benefit corporation legislation, establishing a legal framework for corporations to pursue both profit and public benefit.
No legislative activity recorded for BLLC formation in South Carolina.
No legislative activity recorded for L3C formation in South Carolina.
No legislative activity recorded for SPBLP formation in South Carolina. South Carolina became one of five states to enact benefit corporation legislation in 2012, joining the early wave of states recognizing the importance of legal structures for mission-driven businesses.
No legislative activity recorded for SPC formation in South Carolina.
No legislative activity recorded for Benefit Corporation formation in South Dakota.
No legislative activity recorded for BLLC formation in South Dakota.
No legislative activity recorded for L3C formation in South Dakota.
No legislative activity recorded for SPBLP formation in South Dakota.
No legislative activity recorded for SPC formation in South Dakota.
The Tennessee bill uses the term "For-Profit Benefit Corporation" and deviates from both the Model Benefit Corporation Legislation and the language of the Delaware PBC statute in several respects. It was passed unanimously by both the House and Senate and was signed by Gov. Bill Haslam on May 20, 2015.
No legislative activity recorded for BLLC formation in Tennessee.
S.B. 506 died in the Senate Business and Utilities Committee in 2013.
No legislative activity recorded for SPBLP formation in Tennessee. S.B. 506 was introduced to create Low-Profit Limited Liability Companies but died in the Senate Business and Utilities Committee. Tennessee's benefit corporation legislation was passed unanimously by both chambers and signed by Gov. Bill Haslam on May 20, 2015.
No legislative activity recorded for SPC formation in Tennessee.
In 2017, Texas was one of four states that passed a benefit corporation bill. Texas's statute took effect on September 1, 2017, establishing a comprehensive framework for public benefit corporations in the state.
The Texas statute permits all Texas for-profit corporations to adopt a "social purpose," but unlike the other SPC statutes, it does not authorize the creation of a new corporate form. Instead, it allows existing corporations to designate social purposes within their charter.
No legislative activity recorded for BLLC formation in Texas.
HB 2622 was introduced in the 83rd Regular Session in 2013. It died in the House Business and Industry Committee without advancing to a floor vote.
No legislative activity recorded for SPBLP formation in Texas. Texas enacted legislation allowing corporations to adopt social purposes. Unlike other states, this did not create a new corporate form but allowed existing corporations to designate social purposes. HB 2622, which would have created the Low-profit Limited Liability Company form, was introduced but died in the House Business and Industry Committee. Texas passed comprehensive benefit corporation legislation, with the statute taking effect on September 1, 2017. Texas was one of four states to enact benefit corporation legislation that year.
Utah enacted benefit corporation legislation in 2014, requiring benefit corporations to pursue general public benefit alongside profit. The Act follows the Model Benefit Corporation Legislation with Utah-specific modifications.
Utah enacted benefit limited liability company legislation in 2018, effective May 8, 2018. This provides LLC structures with benefit corporation principles, combining operational flexibility with social benefit requirements.
Utah was one of the first states to enact L3C legislation in 2009. The L3C provisions were later incorporated into the Utah Revised Limited Liability Company Act in 2013, providing a streamlined framework for low-profit limited liability companies.
No legislative activity recorded for SPBLP formation in Utah. Utah became one of the first states to enact Low-profit Limited Liability Company legislation, providing a framework for companies primarily pursuing charitable purposes with limited profit distribution. Utah incorporated L3C provisions into the Utah Revised Limited Liability Company Act, streamlining the regulatory framework and updating the statutory language. Utah enacted comprehensive benefit corporation legislation, establishing requirements for corporations to pursue general public benefit alongside profit maximization. Utah added benefit limited liability company legislation, effective May 8, 2018, providing the flexibility of LLC structure with benefit corporation principles. This made Utah one of the few states offering comprehensive social enterprise options.
No legislative activity recorded for SPC formation in Utah.
Vermont was one of the early adopters of benefit corporation legislation, enacting its Benefit Corporation Act in 2009. Vermont was only the second state after Maryland to pass benefit corporation legislation, requiring corporations to pursue general public benefit alongside profit.
Vermont was the pioneering state for L3C legislation, enacting the first L3C law in 2008. The Vermont L3C was designed primarily for charitable purposes with limited profit distribution, intended to facilitate program-related investments (PRIs) by foundations.
No legislative activity recorded for BLLC formation in Vermont.
No legislative activity recorded for SPBLP formation in Vermont. Vermont became the first state in the United States to enact Low-profit Limited Liability Company legislation. This groundbreaking law established the framework for companies primarily pursuing charitable purposes with limited profit distribution. Vermont became the second state (after Maryland) to enact benefit corporation legislation, establishing requirements for corporations to pursue general public benefit alongside profit. This made Vermont an early leader in social enterprise legislation. Vermont refined its L3C legislation with amendments to clarify operational requirements and improve the statutory framework for low-profit limited liability companies.
No legislative activity recorded for SPC formation in Vermont.
Virginia enacted benefit corporation legislation in 2013, establishing sections 13.1-782 to 13.1-791 of the Virginia Code.
A Bill Related to Benefit Limited Liability Companies (H.B. 354) was introduced in the 2012 General Assembly Regular Session but died in the Commerce and Labor Committee.
An Act Relating to Low-Profit Limited Liability Companies (S.B. 351) was introduced in the 2012 General Assembly Regular Session but died in the Senate Committee on Commerce and Labor.
No legislative activity recorded for SPBLP formation in Virginia. Both S.B. 351 (for L3Cs) and H.B. 354 (for BLLCs) were introduced in the 2012 General Assembly but died in their respective committees. Virginia successfully enacted benefit corporation legislation, establishing the legal framework for corporations to pursue both profit and public benefit.
No legislative activity recorded for SPC formation in Virginia.
No legislative activity recorded for Benefit Corporation formation in Washington.
Washington enacted innovative social purpose corporation legislation in 2013, establishing a framework that allows corporations to pursue both profit and specific social or environmental purposes. The Washington model influenced other states' SPC legislation and provides flexibility for businesses seeking to balance financial returns with social impact.
No legislative activity recorded for BLLC formation in Washington.
No legislative activity recorded for L3C formation in Washington.
No legislative activity recorded for SPBLP formation in Washington. Washington enacted comprehensive social purpose corporation legislation, creating an innovative framework that allows corporations to pursue both profit and specific social or environmental purposes. This legislation influenced other states' approaches to social enterprise law. Washington's SPC framework has been successfully implemented with various corporations adopting the social purpose designation. The state continues to refine and support social enterprise development through its unique legislative approach.
The West Virginia statute was enacted in 2014, establishing benefit corporations as a recognized corporate form in the state.
No legislative activity recorded for BLLC formation in West Virginia.
No legislative activity recorded for L3C formation in West Virginia.
No legislative activity recorded for SPBLP formation in West Virginia. West Virginia enacted benefit corporation legislation, establishing the legal framework for corporations to pursue both profit and public benefit.
No legislative activity recorded for SPC formation in West Virginia.
The Wisconsin Bill was signed and became effective on November 27, 2017. It is very similar to the Model Benefit Corporation Legislation.
No legislative activity recorded for BLLC formation in Wisconsin.
An Act Relating to the Creation of a Category of Limited Liability Company Identified as a Low-Profit Limited Liability Company (A.B. 60) was introduced on February 23, 2015 and was referred to the Committee on Financial Institutions. The bill failed to pass on April 13, 2016 pursuant to Senate Joint Resolution 1. A previous version of this bill, A.B. 902, was introduced in 2009 but failed to pass pursuant to Senate Joint Resolution 1 of April 28, 2010.
No legislative activity recorded for SPBLP formation in Wisconsin. A.B. 902 was introduced in 2009 to create Low-Profit Limited Liability Companies but failed to pass pursuant to Senate Joint Resolution 1 of April 28, 2010. A.B. 60 was introduced on February 23, 2015 and referred to the Committee on Financial Institutions. The bill failed to pass on April 13, 2016 pursuant to Senate Joint Resolution 1. Wisconsin Act 77 was signed and became effective on November 27, 2017, establishing benefit corporations as a legal entity form in Wisconsin.
No legislative activity recorded for SPC formation in Wisconsin.
For-profit public benefit corporations (H.B. 85) was introduced on January 16, 2023, however, it died in committee. S.F. 36 was introduced on January 12, 2021. The bill passed the Senate but failed in the House on March 29.
Wyoming enacted L3C legislation in 2013, allowing for the creation of low-profit limited liability companies.
No legislative activity recorded for BLLC formation in Wyoming.
No legislative activity recorded for SPBLP formation in Wyoming. Wyoming enacted the Limited Liability Company Act, establishing L3Cs as a recognized corporate form. S.F. 36 was introduced on January 12, 2021. The bill passed the Senate but failed in the House on March 29. H.B. 85 for for-profit public benefit corporations was introduced on January 16, 2023, but died in committee.
No legislative activity recorded for SPC formation in Wyoming.