Pennsylvania – HB 1616, effective January 24, enables formations of benefit corporations

January 23, 2013

House Bill 1616 (Act No. 2012-152) signed by the governor October 24 and effective January 24, 2013 enables formation of benefit corporations and election of existing business corporations to become benefit corporations which have a purpose to benefit society and the environment while having a traditional purpose of making a profit for shareholders.

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