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History of the North Carolina Benefit Corporation Act

History of the North Carolina Benefit Corporation Act


B Legal Briefing
(September 25, 214)

The North Carolina Benefit Corporation Act was originally introduced in 2011 through SB 26.  The bill was passed in the Senate but was rejected by the House Judiciary Subcommittee C.  The bill never made it to the floor to be voted on in the 2011-2012 legislative session. Benefit corporation advocates reintroduced legislation in the 2013-2014 legislative session through SB 99/HB 440.  The bill passed the first reading by the Senate, but was defeated in the House.

In 2015, N.C. Representative Chuck McGrady has re-introduced the North Carolina Benefit Corporation Act, as described in our B Legal Briefing here.  As described in our legislative map and chart, at least 27 states and the District of Columbia have passed benefit corporation legislation.

Over two dozen North Carolina corporations have become B Lab® Certified B Corps in support of the principles advanced by benefit corporations.  As Kevin Trapani, CEO of the Redwoods Group, a B Lab® Certified B Corp, explained, "The time has come to recognize that not all profits are created equal.  Those that carry a social benefit are better than those that don't."  Similarly, Evelyn Contre, owner of Springleaf Strategies, a B Lab® Certified B Corp, explained, "It's about being profitable, but also being socially responsible. You can be profitable and successful while also giving back to the community and reducing your environmental footprint."

Authors
Lisa W. Arthur
T (336) 378-5318
F (336) 433-7467
Associated Attorneys
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