Delaware :: Gov. Markell Signs Public Benefit Corporation Legislation

DE-Legislative-Bldg

Back in April, we blogged about pending legislation (Senate Bill 47) in Delaware that would create a new business entity called public benefit corporations (PBCs). Last week, Governor Jack Markell signed the bill into law—meaning that come August 1, 2013, corporations will be eligible to form, convert or merge into a PBC.

In a recent blog post for the Huffington Post, Gov. Markell remarked that this new type of corporation is expected to create high-quality jobs, improve the quality of life for many communities and “combat the plague of short termism.” The post goes on to explain that while PBCs will function like and enjoy the same benefits as traditional corporations within the state, they will also have three unique features that set them apart. The three features concern corporate purpose, accountability and transparency.

For specifics on these three unique features and to learn more about PBCs in general, read Markell’s blog post and this news release issued by the state.

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