• The New York Benefit Corporation Statute - Finally, a Corporation for the Granola Crowd
  • December 26, 2011 | Author: John P. Lowe
  • Law Firm: Hiscock & Barclay, LLP - Rochester Office
  • A vocal and growing minority has expressed concern about the perceived failure of Corporate America to act in a manner that benefits society. Often cited for this failure is the mandate that business corporations maximize profits for the benefit of shareholders. In response to this concern, Governor Cuomo on December 13, 2011 signed into law a bill authorizing “benefit corporations” in New York. The legislation will become effective in February, 2012. It remains to be seen if this new corporate hybrid will gain traction in New York.