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What makes a benefit corporation different?

Purpose: creates a material positive impact on society and the environment, taken as a whole

Accountability: obligates itself to consider not just profits but also environmental and social factors in its actions and operations

Transparency: reports annually on its operations including environmental and social performance using independent, third-party standards

How can my company convert to a California benefit corporation?

Corporations: Existing corporations formed in California or any other state may convert upon approval of at least 2/3 of shareholders.

Other Business Entities: Existing limited liability companies, limited partnerships and general partnerships formed in California or any other state may convert upon approval of at least 2/3 of the holders of every interest in the entity entitled to receive a distribution from the entity.

When can I form or convert to a California benefit corporation?

Existing corporations formed in California or any other state may convert upon approval of at least 2/3 of shareholders. Existing limited liability companies, limited partnerships and general partnerships formed in California or any other state may convert upon approval of at least 2/3 of the holders of every interest in the entity entitled to receive a distribution from the entity.

The California Secretary of State began allowing formation of California benefit corporations on January 3, 2012.

Key Contact

Jonathan Storper
Jonathan Storper
Partner
San Francisco, CA
Cannabis Law
California Benefit Corporations

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California Benefit Corporations