New structure could yield benefit to R.I.

By passing legislation that allows for the creation of so-called “benefit corporations,” as well as what are known as L3C, or low-profit limited liability corporations, the General Assembly, and Gov. Lincoln D. Chafee, who signed the bill into law, have made a small improvement in the state’s business climate. More

To continue reading this article, please do one of the following.



PBN Editorial

New structure could yield benefit to R.I.

Posted 7/29/13

By passing legislation that allows for the creation of so-called “benefit corporations,” as well as what are known as L3C, or low-profit limited liability corporations, the General Assembly, and Gov. Lincoln D. Chafee, who signed the bill into law, have made a small improvement in the state’s business climate.

In short, benefit corporations and L3Cs give for-profit entities the ability to function more like a nonprofit, in that they can take a social mission into account when generating value for shareholders, as well as in some cases, accept charitable donations much as a nonprofit can do.

Why does this make Rhode Island a better place to do business? First, it puts the Ocean State smack in the middle of a growing national trend. Sixteen other states and the District of Columbia have passed similar legislation, a recognition that many of today’s entrepreneurs have more than profit in mind when they start their venturing odysseys.

In fact, social venturing is one of the fastest-growing sectors of the economy, and it would have been a shame to let those enterprises pass Rhode Island by. Now we don’t have to worry about that. •

Calendar
PBN Hosted
Events

Applications are now being accepted for the 14th Annual Business Excellence Awards Program. Deadline to apply is October 1st. And save the date for the Awards Dinner - November 12th at the Providence Marriott.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement