National State Attorneys General Program
Charities Regulation and Oversight Project
RESOURCES LIST
SOCIAL MISSIONS/HYBRID CORPORATIONS MEETING AND WEBINAR
JUNE 28-29, 2011
1
I. ENACTED LEGISLATION
BENEFIT CORPORATION LEGISLATION
California
A.B. 361, 2011–2012 Reg. Sess. (Cal. 2011) (effective Jan. 1, 2012), available at
http://www.leginfo.ca.gov/pub/11-12/bill/asm/ab_0351-0400/ab_361_bill_20111009_
chaptered.pdf, (codified at Cal. Corp. Code §§ 14600–14631).
Hawaii
S.B. 298, 26th Leg., Reg. Sess. (Haw. 2011) (effective Jul. 8, 2011), available at
http://www.capitol.hawaii.gov/session2011/bills/SB298_CD1_.htm (codified at Haw.
Rev. Stat. §§ 420D-1 to -13).
Maryland
S.B. 690, 427th Gen. Assemb., Reg. Sess. (Md. 2010) (effective Oct. 1, 2010), available
at http://mlis.state.md.us/2010rs/bills/sb/sb0690t.pdf (codified at Md. Code Ann., Corps.
& Ass’ns §§ 5-6C-01 to -08).
New Jersey
S. 2170, 214th Leg., 2d. Ann. Sess. (N.J. 2011) (effective Mar. 1, 2011), available at
http://www.njleg.state.nj.us/2010/Bills/PL11/30_.PDF (codified at N.J. Stat. Ann. §§
14A:18-1 to -11).
New York
S. 79-a, 234th Leg. Sess. (N.Y. 2011) (effective Feb. 10, 2012), available at
http://open.nysenate.gov/legislation/bill/S79A-2011 (codified at N.Y. Bus. Corp. Law §§
1700–1709.
Vermont
S. 263, Gen. Assemb., 2009–2010 Leg. Sess. (Vt. 2011) (effective Jul. 1, 2011), available
at http://www.leg.state.vt.us/docs/2010/Acts/ACT113.pdf (codified at Vt. Stat. Ann. tit.
11A, §§ 21.01–.14); see also S. 217, Gen. Assemb., 2011–2012 Leg. Sess. (introduced
Jan. 3, 2012) (seeking to amend requirements for closely-held benefit corporations).
Virginia
H.B. 2358, 2011 Gen. Assemb., Reg. Sess. (Va. 2011) (effective Mar. 26, 2011),
available at http://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+CHAP0698+pdf
(codified at Va. Code Ann. §§ 13.1-782 to -791).
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LOW-PROFIT LIMITED LIABILITY COMPANY LEGISLATION
Illinois
S.B. 239, 96th Gen. Assemb., Reg. Sess. (Ill. 2009) (effective Jan. 1, 2010), available at
http://www.ilga.gov/legislation/96/SB/PDF/09600SB0239lv.pdf (codified as amended at
805 Ill. Comp. Stat. 180 / 1-5, 1-10(a)(1), 1-26, 15-5).
Louisiana
H.B. 1421, 2010 Leg., Reg. Sess. (La. 2010) (effective Aug. 15, 2010), available at
http://www.legis.state.la.us/billdata/streamdocument.asp?did=721792 (codified at La.
Rev. Stat. Ann. §§ 12:1301(A)(21), :1302(C), :1305(B)(3), :1306(A)(1), :1309(A)).
Maine
H.P. 1118, 124th Leg., 2d Reg. Sess. (Me. 2011) (effective Jul. 1, 2011), available at
http://www.mainelegislature.org/legis/bills/bills_124th/chappdfs/PUBLIC629.pdf
(codified as amended at Me. Rev. Stat. tit 31, §§ 1502, 1508, 1559, 1611).
Michigan
S.B. 1445, 94th Leg., Reg. Sess. (Mich. 2009) (effective Jan. 16, 2009), available at
http://www.legislature.mi.gov/documents/2007-2008/publicact/pdf/2008-PA-0566.pdf
(codified at Mich. Comp. Laws § 450.4102).
S.B. 1446, 94th Leg., Reg. Sess. (Mich. 2009) (effective Jan. 16, 2009), available at
http://www.legislature.mi.gov/documents/2007-2008/publicact/pdf/2008-PA-0567.pdf
(codified at Mich. Comp. Laws §§ 450.4204(2), .4803(1))
North Carolina
S.B. 308, 2009 Gen. Assemb., Reg. Sess. (N.C. 2010) (effective Aug. 3, 2010), available
at http://www.ncga.state.nc.us/Sessions/2009/Bills/Senate/PDF/S308v5.pdf (codified at
N.C. Gen. Stat. §§ 55D-20(a), 57C-2-01(d), 57C-2-21(a)(6)).
Rhode Island
H 5279A, 2011 Gen. Assemb., Reg. Sess. (R.I. 2011) (effective Jul. 1, 2012) (same as S
353A), available at http://www.rilin.state.ri.us/PublicLaws/law11/law11079.htm
(codified at R.I. Gen. Laws §§ 7-16-2, -9, -49, -76).
Utah
S.B. 148, 2009 Leg., Gen. Sess. (Utah 2009) (effective Jul. 1, 2012), available at
http://le.utah.gov/~2009/bills/sbillenr/sb0148.pdf (codified as amended at Utah Code Ann.
§§ 48-3-102, -201, -202, -1301, -1302, -1303, -1304).
Vermont
H. 775, Gen. Assemb., 2007–2008Leg. Sess. (Vt. 2008) (effective Apr. 30, 2008),
available at http://www.leg.state.vt.us/docs/legdoc.cfm?URL=/docs/2008/acts/
ACT106.HTM (codified at Vt. Stat. Ann. tit. 11, §§ 3001(27), 3005(a), 3023(a)).
3
Wyoming
H.B. 182, 60th Leg., Gen. Sess. (Wyo. 2009) (effective Jul. 1, 2009) available at
http://legisweb.state.wy.us/2009/Enroll/HB0182.pdf (codified as amended at Wyo. Stat.
Ann. §§ 17-29-102(a)(ix), -108, -705).
OTHER FOR-BENEFIT ENTITY LEGISLATION
California—Flexible Purpose Corporation
S.B. 201, 2011–2012 Reg. Sess. (Cal. 2011) (effective Jan. 1, 2012), available at
http://www.leginfo.ca.gov/pub/11-12/bill/sen/sb_0201-0250/sb_201_bill_20111009_
chaptered.pdf, (codified at Cal. Corp. Code §§ 2500–4808).
Maryland—Benefit Limited Liability Company
H.B. 1151/S.B. 595, 2011 Gen. Assemb., Reg. Sess. (Md. 2011) (effective Jun. 1, 2011),
available at http://mlis.state.md.us/2011rs/chapters_noln/Ch_501_hb1151E.pdf (codified
at Md. Code Ann., Corps. & Ass’ns §§ 11-4A-1101–11-4A-1108, 11-1-502, 5-6C-03).
II. PROPOSED/PENDING LEGISLATION
BENEFIT CORPORATION LEGISLATION
Colorado
S.B. 11-005, 68th Gen. Assemb., 1st Reg. Sess. (Colo. 2011) (introduced Jan. 12, 2011;
postponed indefinitely Apr. 20, 2011), available at http://www.leg.state.co.us/clics/
clics2011a/csl.nsf/fsbillcont/8ED39164DC36FEA28725780100604E88?Open&file=005_
01.pdf; see also Bill History, http://www.colorado.gov/state-bill-results.html?billID
=SB11-005.
Florida
H.B. 757, 114th Leg., Reg. Sess. (Fla. 2011) (introduced Nov. 22, 2011), available at
http://www.myfloridahouse.gov/Sections/Documents/loaddoc.aspx?FileName=_h0757__
.docx&DocumentType=Bill&BillNumber=0757&Session=2012; see also Bill History,
http://www.myfloridahouse.gov/Sections/Bills/billsdetail.aspx?BillId=48002.
Illinois
S.B. 2897, 97th Gen. Assemb., Reg. Sess. (Ill. 2012) (introduced Feb. 1, 2012) (same as
H.B. 4708), available at http://www.ilga.gov/legislation/97/SB/PDF/09700SB2897lv.pdf,
see also Bill History, http://www.ilga.gov/legislation/BillStatus.asp?DocNum=2897&
GAID=11&DocTypeID=SB&LegId=63455&SessionID=84&GA=97.
4
Iowa
H.F. 2154, 84th Gen. Assemb., Reg. Sess. (Iowa 2012) (introduced Jan. 31, 2012),
available at http://coolice.legis.state.ia.us/linc/84/external/HF2154_Introduced.pdf; see
also Bill History, http://coolice.legis.state.ia.us/CoolICE/default.asp?Category=
BillInfo&Service=DspHistory&var=HF&key=0970C&GA=84.
Michigan
S.B. 359, 96th Leg., Reg. Sess. (Mich. 2011) (introduced May 4, 2011) (same as H.B.
4615), available at http://www.legislature.mi.gov/documents/2011-2012/billintroduced
/Senate/pdf/2011-SIB-0359.pdf; see also Bill History, http://www.legislature.mi.gov/
(S(mxv4pz3b4voo2wnqkro5ro45))/mileg.aspx?page=BillStatus&objectname=2011-SB0359.
S.B. 360, 96th Leg., Reg. Sess. (Mich. 2011) (introduced May 4, 2011) (same as H.B.
4616), available at http://www.legislature.mi.gov/documents/2011-2012/billintroduced
/Senate/pdf/2011-SIB-0360.pdf; see also Bill History, http://www.legislature.mi.gov/(S(
mxv4pz3b4voo2wnqkro5ro45))/mileg.aspx?page=BillStatus&objectname=2011-SB0360.
Minnesota
S.F. 1572, 87th Leg., Reg. Sess. (Minn. 2012) (introduced Jan. 26, 2012), available at
https://www.revisor.mn.gov/bin/bldbill.php?bill=S1572.0.html&session=ls87; see also
Bill History, https://www.revisor.mn.gov/revisor/pages/search_status/status_detail.php?
b=Senate&f=SF1572&ssn=0&y=2012.
North Carolina
H.B. 419/S.B. 26, 2011 Gen. Assemb., Reg. Sess. (N.C. 2011) (introduced Mar. 21,
2011), available at http://www.ncleg.net/Sessions/2011/Bills/House/PDF/H419v1.pdf;
see also Bill History, http://www.ncleg.net/gascripts/BillLookUp/BillLookUp.pl?BillID=
H419&Session=2011.
Pennsylvania
H.B. 1616, 2011 Gen. Assemb., Reg. Sess. (Pa. 2011) (introduced Jun. 2, 2011),
available at http://www.legis.state.pa.us/CFDOCS/Legis/PN/Public/btCheck.cfm?
txtType=PDF&sessYr=2011&sessInd=0&billBody=H&billTyp=B&billNbr=1616&pn=1
999; see also Bill History, http://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm
?syear=2011&sind=0&body=H&type=B&bn=1616.
LOW-PROFIT LIMITED LIABILITY COMPANY LEGISLATION
Alabama
S.B. 517, 2011 Reg. Sess. (Ala. 2011) (introduced May 25, 2011), available at
http://alisondb.legislature.state.al.us/acas/searchableinstruments/2011RS/Printfiles//SB51
7-int.pdf; see also Bill History, http://alisondb.legislature.state.al.us/acas/
ACASLoginMac.asp?SESSION=1058.
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Arizona
S.B. 1503, 50th Leg., 1st Reg. Sess. (Ariz. 2011) (introduced Feb. 1, 2011), available at
http://www.azleg.gov/legtext/50leg/1r/bills/sb1503s.pdf; see also Bill History,
http://www.azleg.gov//FormatDocument.asp?inDoc=/legtext/50leg/1r/bills/sb1503o.asp&
Session_ID=102.
Arkansas
S.B. 5, 88th Gen. Assemb., Reg. Sess. (Ark. 2011) (introduced Jan. 10, 2011), available
at http://www.arkleg.state.ar.us/assembly/2011/2011R/Bills/SB5.pdf; see also Bill
History, http://www.arkleg.state.ar.us/assembly/2011/2011R/Pages/BillInformation.aspx?
measureno=SB5.
District of Columbia
B19-0177, D.C. Council, 19th Period (D.C. 2011) (introduced Mar. 15, 2011), available
at http://dcclims1.dccouncil.us/images/00001/20110606174650.pdf; see also Bill History,
http://dcclims1.dccouncil.us/lims/searchbylegislation.aspx.
Georgia
H.B. 594, 151st Gen. Assemb., Reg. Sess. (Ga. 2011) (introduced Mar. 28, 2011),
available at http://www1.legis.ga.gov/legis/2011_12/pdf/hb594.pdf; see also Bill History,
http://www1.legis.ga.gov/legis/2011_12/sum/hb594.htm.
Hawaii
H.B. 2082, 26th Leg., Reg. Sess. (Haw. 2012) (introduced Jan. 19, 2012), available at
http://www.capitol.hawaii.gov/session2012/bills/HB2082_.pdf, see also Bill History,
http://www.capitol.hawaii.gov/measure_indiv.aspx?billtype=HB&billnumber=2082.
S.B. 674, 26th Leg., Reg. Sess. (Haw. 2011) (introduced Jan. 21, 2011; carried over Dec.
1, 2011); available at http://www.capitol.hawaii.gov/session2012/Bills/SB674_.HTM;
see also Bill History, http://www.capitol.hawaii.gov/measure_indiv.aspx?billtype=SB&
billnumber=674.
Indiana
S.B. 501, 117th Gen. Assemb., 1st Reg. Sess. (Ind. 2011) (introduced Jan. 13, 2011),
available at http://www.in.gov/legislative/bills/2011/IN/IN0501.1.html.
Iowa
S.F. 158, 84th Gen. Assemb., 2011 Sess. (Iowa 2011) (introduced Feb. 7, 2011);
available at http://coolice.legis.state.ia.us/linc/84/external/SF158_Introduced.pdf; see
also Bill History, http://coolice.legis.state.ia.us/Cool-ICE/default.asp?Category=BillInfo
&Service=DspHistory&var=SF&key=0180B&GA=84.
Kentucky
H.B. 110, 2011 Leg., Reg. Sess. (Ky. 2011) (introduced Jan. 4, 2011), available at
http://www.lrc.ky.gov/record/11RS/HB110.htm.
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Maryland
H.B. 552, 428th Gen. Assemb., Reg. Sess. (Md. 2011) (introduced Feb. 8, 2011) (same as
S.B. 209), available at http://mlis.state.md.us/2011rs/bills/hb/hb0552f.pdf; see Bill
History; http://mlis.state.md.us/2011rs/billfile/hb0552.htm.
Massachusetts
H.B. 1868, 187th Gen. Ct. (Mass. 2011) (introduced Jan. 21, 2011), available at
http://www.malegislature.gov/Bills/BillHtml/14304?generalCourtId=1; see also Bill
History, http://www.malegislature.gov/Bills/187/House/H01868.
Missouri
H.B. 1561, 96th Gen. Assemb., 2d Reg. Sess. (Mo. 2012) (introduced Jan. 30, 2012),
available at http://www.house.mo.gov/billtracking/bills121/billpdf/intro/HB1561I.PDF;
see also Bill History, http://www.house.mo.gov/BillActions.aspx?bill=HB1561&year=
2012&code=R.
Montana
H.B. 415, 62nd Leg., 2011 Sess. (Mont. 2011) (introduced Feb. 4, 2011; died in
committee Apr. 28, 2011), available at http://data.opi.mt.gov/bills/2011/billpdf/HB
0415.pdf; see also Bill History, http://laws.leg.mt.gov/laws11/LAW0203W$BSRV
.ActionQuery?P_BLTP_BILL_TYP_CD=HB&P_BILL_NO=415&P_BILL_DFT_NO=
&P_CHPT_NO=&Z_ACTION=Find&P_SBJ_DESCR=&P_SBJT_SBJ_CD=&P_LST_
NM1=&P_ENTY_ID_SEQ=.
New Hampshire
S.B. 352, 2012 Reg. Sess. (N.H. 2012) (introduced Jan. 4, 2012), available at
http://www.gencourt.state.nh.us/legislation/2012/SB0352.pdf; see also Bill History,
http://www.gencourt.state.nh.us/bill_status/bill_status.aspx?lsr=2903&sy=2012&sortopti
on=&txtsessionyear=2012&txtbillnumber=sb352&q=1.
New York
S.B. 3011, 234th Leg. Sess. (N.Y. 2011) (introduced Feb. 7, 2011) (same as A.B. 6116),
available at http://open.nysenate.gov/legislation/api/1.0/lrs-print/bill/S3011-2011; see
also Bill History, http://open.nysenate.gov/legislation/bill/S3011-2011.
Oklahoma
H.B. 1088, 53rd Leg., 1st Reg. Sess. (Okla. 2011) (introduced Jan. 18, 2011), available at
http://www.oklegislature.gov/BillInfo.aspx?Bill=HB%201088.
Oregon
H.B. 2745, 76th Leg. Assemb. (Or. 2011) (introduced Jan. 11, 2011), available at
http://www.leg.state.or.us/11reg/measpdf/hb2700.dir/hb2745.intro.pdf.
7
Virginia
S.B. 351, 2012 Gen. Assemb., Reg. Sess. (Va. 2012) (introduced Jan. 11, 2012),
available at http://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB351+pdf; see also Bill
History, http://lis.virginia.gov/cgi-bin/legp604.exe?ses=121&typ=bil&val=sb351.
OTHER FOR-BENEFIT ENTITY LEGISLATION
Virginia—Benefit Limited Liability Company
H.B. 354, 2012 Gen. Assemb., Reg. Sess. (introduced Jan. 11, 2012; tabled Feb. 2, 2012),
available at http://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+HB354+pdf; see also
Bill History, http://lis.virginia.gov/cgi-bin/legp604.exe?ses=121&typ=bil&val=hb354.
ARTICLES AND VIDEO
Hybrid Orgs: The Basics (and origins)
VIDEO
Skoll Foundation, Social Entrepreneurs: Pioneering Social Change (Feb. 18, 2009),
http://www.youtube.com/watch?v=jk5LI_WcosQ.
Marion Fremont-Smith, Aviva Argote, & Luther M Ragin, Jr. (panelists), Hybrid
Organizations: The New Face of Social Enterprise?, Hauser Center at Harvard (April 7,
2011), available at http://vimeo.com/23825209.
Shirley Tilghman, Introduction to Social Entrepreneurship, TEDxPrincetonU (2010),
http://www.youtube.com/watch?v=f6233bQk5A0.
ARTICLES
California Legislative Summary: AB 361, as amended, Huffman. Benefit Corporations,
available at
http://www.law.columbia.edu/null/download?&exclusive=filemgr.download&file_id=61
861.
California Legislative Summary: SB 201, as amended, DeSaulnier. Flexible purpose
corporations: corporate mergers,
http://www.law.columbia.edu/null/download?&exclusive=filemgr.download&file_id=62
1373.
Bradford E. Block, L3C Doing Well and Doing Good: Low-Profit Limited Liability
Companies, 99 Ill. B.J. 310 (Jun. 2011).
8
W. Derrick Britt et al., Frequently Asked Questions: Proposed Amendments to the
California Corporations Code for a New Corporate Form: The Flexible Purpose
Corporation and Senate Bill 201 (Feb. 23, 2011), http://www.law.columbia.edu/null/
Final+FAQ+on+Flexible+Purpose+Corporation+%2800312058%29?exclusive=filemgr.d
ownload&file_id=59229&showthumb=0.
Caryn Capriccioso, Rick Zwetsch, & Erin Shaver, Who is the L3C Entrepreneur? (May
2010), available at http://americansforcommunitydevelopment.org/downloads/Whoisthe
L3CEntrepreneur.pdf.
David Colander, Solving Society’s Problems from the Bottom Up: For-Benefit
Enterprises, Middlebury College.
Rosemary Fei, A Guide to Social Enterprise Vehicles, Taxation of Exempts, Jan.–Feb.
2011, at 37, available at http://www.law.columbia.edu/null/A+Guide+to+Social+
Enterprise+Vehicles+%2800304109%29?exclusive=filemgr.download&file_id=59214&s
howthumb=0.
Timothy J. Galpin & Greg R. Bell, Social Entrepreneurship and the L3C Structure:
Bridging the Gap Between Non-Profit and For-Profit Ventures, Journal of Business and
Entrepreneurship, Oct. 1, 2010, at 29.
R. Todd Johnson, Everything You Ever Wanted to Know About the Flexible Purpose
Corporation (And Then Some), Business For Good (Mar. 7, 2011, 10:57 AM),
http://businessforgood.blogspot.com/2011/03/frequently-asked-questions-proposed.html.
Robert A. Katz & Antony Page, Symposium: Corporate Creativity: The Vermont L3C &
Other Developments in Social Entrepreneurship: The Role of Social Enterprise, 35 Vt. L.
Rev. 59 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/16%20Page
%20&%20Katz%20L&E%20Book%201,%20Vol.%2035.pdf.
Marjorie Kelly and Allen White, Symposium: The Bhopal Disaster Approaches 25:
Looking Back to Look Forward: Corporate Design: The Missing Organizational and
Public Policy Issue of Our Time, 42 New Eng. L. Rev. 761 (2008).
Robert Lang & Elizabeth Carrott Minnigh, Symposium: Corporate Creativity: The
Vermont L3C & Other Developments in Social Entrepreneurship: The L3C, History,
Basic Construct, and Legal Framework, 35 Vt. L. Rev. 15 (2010), available at
http://lawreview.vermontlaw.edu/articles/v35/1/12%20Lang%20&%20Minnigh%20Boo
k%201,%20Vol.%2035.pdf.
Stephen Lloyd, Symposium: Corporate Creativity: The Vermont L3C & Other
Developments in Social Entrepreneurship: Creating the CIC, 35 Vt. L. Rev. 31 (2010),
available at http://lawreview.vermontlaw.edu/articles/v35/1/13%20LLoyd%20Book%
201,%20Vol.%2035.pdf.
9
Susan A. Maslow & Timothy White, Enlightened Capitalism and L3Cs, New Jersey
Lawyer, April 2011, at 63, available at http://americansforcommunitydevelopment.org/
downloads/Maslow_enlightened_capitalism_and_l3cs.pdf.
NAAG/NASCO, The Benefit Corporation: Philanthrocapitalism’s Plan B?, 2010
NAAG/NASCO Conference, available at http://www.law.columbia.edu/null/B+corp+
powerpoint+-+nasco+2010?exclusive=filemgr.download&file_id=59213&showthumb
=0.
Dana Brakman Reiser, Charity Law’s Essentials, 6 Notre Dame L. Rev. 1 (Feb. 2011).
Dana Brakman Reiser, Symposium: Corporate Creativity: The Vermont L3C & Other
Developments in Social Entrepreneurship: Blended Enterprise and The Dual Mission
Dilemma, 35 Vt. L. Rev. 105 (2010), available at http://lawreview.vermontlaw.edu/
articles/v35/1/17%20Brackman%20Reiser%20Book%201,%20Vol.%2035.pdf.
S. Comm. on Commerce, Issue Brief 2011-210 (Fla. 2010), available at
http://www.flsenate.gov/Committees/InterimReports/2011/2011-210cm.pdf.
Stephen Schwarz, The Architecture of Charities’ Commercial Activities: Structural
Reactions: Basic Structures (2008), available at http://www.law.columbia.edu/null/
Schwarz-ArchitectureCharitiesCommercialActivities?exclusive=filemgr.download&
file_id=59239&showthumb=0.
Celia R. Taylor, Carpe Crisis: Capitalizing on the Breakdown of Capitalism to Consider
the Creation of Social Businesses, 54 N.Y.L. Sch. L. Rev. 743 (2009–2010).
Cody Vitello, Introducing the Low-Profit Limited Liability Company (L3C): The New Kid
on the Block, 23 Loy. Consumer L. Rev. 565 (2011), http://www.law.columbia.edu/null/
Vitello-L3C_NewKid+onBlock?exclusive=filemgr.download&file_id=59234&
showthumb=0.
Arthur Wood, Symposium: Corporate Creativity: The Vermont L3C & Other
Developments in Social Entrepreneurship: New Legal Structures to Address The Social
Capital Famine, 35 Vt. L. Rev. 45 (2010), available at http://lawreview.vermontlaw.edu/
articles/v35/1/14%20Wood%20Book%201,%20Vol.%2035.pdf.
The Social Entrepreneur’s Perspective
VIDEO
Jed Emerson, CIBC Presents Entrepreneurship 101: “Lived It Live” (the evolution of
social capital markets in the U.S.), http://vimeo.com/7984598.
10
Jed Smith, Kristen Groos Richmond, Peter Frykman & Russ Hall, Panel on Social
Entrepreneurship, Stanford Graduate School of Business (2010),
http://www.youtube.com/watch?v=SkCUalVWiW0.
ARTICLES
Jed Emerson, Tim Freundlich, & Jim Fruchterman, Nothing Ventured, Nothing Gained:
Addressing Critical Gaps in Risk-Taking Capital for Social Enterprise, Skoll Center for
Social Entrepreneurship, SAID Business School, Oxford University (April 3, 2007),
available at http://www.benetech.org/about/downloads/NothingVenturedFINAL.pdf.
Susan H. Mac Cormac, The Emergence of New Corporate Forms, 2007 Summit on the
Future of the Corporation, available at http://www.mofo.com/files/Publication/ac744a
63-6c33-4ab5-9ac8-dee43093d69f/Presentation/PublicationAttachment/9f89f9b7-fc1947bb-be86-b17b8b94f334/NewCorporateFormsMacCormacNov2007.pdf.
Dana Brakman Reiser, Governing and Financing Blended Enterprise, 85 Chi.-Kent L.
Rev. 619 (2010).
Heerad Sabeti, The For-Benefit Enterprise, Harvard Business Review (Nov. 2011),
available at https://archive.harvardbusiness.org/cla/web/pl/product.seam?c=14677
&i=14679&cs=52062de28ba52dda0508ad07e88c793d.
Heerad Sabeti, The Emerging Fourth Sector: a New Sector of Organizations at the
Intersection of the Public, Private and Social Sectors, The Aspen Institute (2009),
available at http://www.law.columbia.edu/null/Sabeti+-+Emergin+Fourth+Sector
?exclusive=filemgr.download&file_id=59219&showthumb=0.
Linda O. Smiddy, Symposium: Corporate Creativity: The Vermont L3C & Other
Developments in Social Entrepreneurship: Introduction, 35 Vt. L. Rev. 3 (2010),
available at http://lawreview.vermontlaw.edu/articles/v35/1/11%20Introduction%
20Smiddy%20Book%201,%20Vol.%2035.pdf.
Michael Van Patten, Mission Markets: One Market(place), Many Missions, GreenMoney
Journal (Summer 2011), http://www.greenmoneyjournal.com/article.mpl?newsletterid
=55&articleid=807.
Arthur Wood, New Legal Structures to Address the Social Capital Famine, 35 Vt. L. Rev.
35 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/14%20Wood%
20Book%201,%20Vol.%2035.pdf.
Legal Perspectives on the Forms
11
Christopher C. Archer, Comment, Private Benefit for the Public Good: Promoting
Foundation Investments for the “Fourth Sector” to Provide More Efficient and Effective
Social Missions, 84 Temp. L. Rev. 159 (Fall 2011).
Carter G. Bishop, The Low-Profit LLC (L3C): Program Related Investment by Proxy or
Perversion?, 63 Ark. L. Rev. 243 (2010).
Victoria B. Bjorklund & Elizabeth J. Dodson, The Price of Freedom: Benefits and
Burdens of Foregoing Exemption (Oct. 24, 2008), available at
http://www.law.columbia.edu/null/Bjorklund-Price+of+Freedom?exclusive=filemgr
.download&file_id=59216&showthumb=0.
Evelyn Brody & John E. Tyler III, How Public is Private Philanthropy: Separating
Reality from Myth, Philanthropy Roundtable (June 2009), available at
http://www.philanthropyroundtable.org/file_uploads/Public_Private_Monograph_high_re
s_Final.pdf.
Michael D. Gottesman, From Cobblestones to Pavement: The Legal Road Forward for
the Creation of Hybrid Social Organizations, 26 Yale L. & Pol'y Rev. 345 (Fall 2007),
available at http://www.law.columbia.edu/null/gottsman+-+Legal+Road+Forward+for+
Hybrid+Orgs?exclusive=filemgr.download&file_id=59228&showthumb=0.
Steven J. Haymore, Note, Public(ly Oriented) Companies: B Corporations and the
Delaware Stakeholder Provision Dilemma, 64 Vand. L. Rev. 1311 (2011).
James R. Hines, Jr. et al., The Attack on Non-Profit Status: A Charitable Assessment, 108
Mich. L. Rev. 1179 (2010).
Garry W. Jenkins, Who's Afraid of Philanthrocapitalism?, 61 Case W. Res. L. Rev. 753
(2010–2011).
Mark Krogstad, Note, Filling the Gap: Addressing the Potential Impact of North Dakota
Adopting Legislation Creating a New Entity – The Low Profit Limited Liability Company,
86 N. Dak. L. Rev. 535 (2010), available at http://www.law.columbia.edu/null/
Krogstad+-+L3C+North+Dakota?exclusive=filemgr.download&file_id=59225&show
thumb=0.
Christopher Lacovara, Note, Strange Creatures: A Hybrid Approach to Fiduciary Duty in
Benefit Corporations, 2011 Colum. Bus. L. Rev. 815 (2011).
J. Haskell Murray & Edward I. Hwang, Purpose with Profit: Governance, Enforcement,
Capital-Raising, and Capital-Locking in Low-Profit Limited Liability Companies, 66 U.
Miami L. Rev. 1 (Fall 2011).
Antony Page & Robert A. Katz, Symposium: Corporate Creativity: The Vermont L3C &
Other Developments in Social Entrepreneurship: Freezing Out Ben & Jerry: Corporate
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Law and the Sale of a Social Enterprise Icon, 35 Vt. L. Rev. 211 (2010), available at
http://lawreview.vermontlaw.edu/articles/v35/1/20%20Page%20&%20Katz%20B&J%20
Book%201,%20Vol.%2035.pdf.
Rakhi I. Patel, Facilitating Stakeholder-Interest Maximization: Accommodating
Beneficial Corporations in the Model Business Corporation Act, 23 St. Thomas L. Rev.
135 (Fall 2010).
David Spenard, L3C: Panacea or Problem?: An Introduction to the Low-Profit Limited
Liability Company (Feb. 18, 2009), available at http://www.law.columbia.edu/null/
Spenard+-+L3C+Powerpoint+2?exclusive=filemgr.download&file_id=59236&show
thumb=0.
David Spenard, The Low-Profit LLC (L3C): Are There Reasons for Concern?, 2009
NASCO Annual Conference (Oct. 20, 2009), available at
http://www.law.columbia.edu/null/Spinard+-+L3C+Powerpoint?exclusive=filemgr.
download&file_id=59235&showthumb=0.
John E Tyler III & Marcus Owens, The L3C: A Potentially Useful Tool for Promoting
Charitable Purposes, The Federal Reserve Bank of Minneapolis, Community Dividend
(Nov. 2009), available at http://www.minneapolisfed.org/publications_papers/pub_
display.cfm?id=4491.
Robert Wexler, Interview With Myself – New “Corporate” Forms (May 31, 2011),
available at http://www.law.columbia.edu/null/Rob+Self-interview+%2800330151%29?
exclusive=filemgr.download&file_id=59220&showthumb=0.
Robert Wexler, Effective Social Enterprise — A Menu of Legal Structures, 63 Exempt
Orgs. Tax Rev. 565 (Jun. 2009), available at http://www.adlercolvin.com/pdf/
grantmaking/63eo0565.pdf.
Robert Wexler, Social Enterprise – a Legal Context, 54 Exempt Orgs. Tax Rev. 233 (Dec.
2006), available at http://www.fourthsector.net/attachments/9/original/Social_Enterprise
_Article__00076037_.pdf?1229493792.
Concerns of Regulators, Sector, Attorney
Letter from Chris Cash, Pres., Nat’l Ass’n of State Charity Officials, to Sen. Max Baucus,
Chairman, and Sen. Charles Grassley, Ranking Member, Sen. Fin. Comm. (Mar. 19,
2009), available at http://www.law.columbia.edu/null/20090319+NASCO+Letter+to+
Senate+Finance+Committee+reL3Cs?exclusive=filemgr.download&file_id=59212&sho
wthumb=0 (inquiring whether the U.S. Senate Finance Committee planned to pursue
changes in federal law that would streamline the process for approving program-related
investments in low-profit limited liability companies).
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Letter from Sen. Max Baucus, Chairman, and Sen. Charles Grassley, Ranking Member,
Sen. Fin. Comm. to Chris Cash, Pres., Nat’l Ass’n of State Charity Officials (March 20,
2009), available at http://www.law.columbia.edu/null/20090320+Senate+Finance+
Committee+Letter+to+NASCO+reL3Cs?exclusive=filemgr.download&file_id=59211&s
howthumb=0 (stating that the U.S. Senate Finance Committee did not think changes to
the approval process for program-related investments in low-profit limited liability
companies was ripe for federal legislation).
Letter from Marcus S. Owens, Robert A. Wexler, et al. to Willard L. Boyd III, Chair,
ABA Bus. Section Nonprofit Orgs. Comm., Scott E. Ludwig, Chair, ABA Bus. Section
LLCs, P’ships and Unincorporated Entities Comm., and Saba Ashraf, Chair, ABA Bus.
Section Tax Comm. (July 13, 2011), available at http://www.americansforcommunity
development.org/TDE_CMS/database/userfiles/file/Letter%20regarding%20L3C%20(00
339893-2).pdf (responding to letter circulated by committees of the ABA Business
Section in opposition to the low-profit limited liability company entity form).
NYU School of Law, Establishing New Legal Forms for Fourth Sector Organizations,
July 17, 2008, http://www.perlmanandperlman.com/publications/articles/2008/Fourth
Sector.pdf.
William H. Clark, Jr. and Larry Vranka, The Need for the Benefit Corporation: Why it is
the Legal Form that Best Addresses the Needs of Social Entrepreneurs, Investors, and,
Ultimately, the Public (Nov. 16, 2011), available at http://www.benefitcorp.net/storage/
The_Need_and_Rational_for_Benefit_Corporations__11-16_version.pdf.
Joseph J. Cordes & C. Eugene Steurle, The Undivided Self: Are the Business Body and
the Nonprofit Soul Separable? (Oct. 2008), available at http://www.law.columbia.edu/
null/Cordes-BusinessBody-NonprofitSoul?exclusive=filemgr.download&file_id=59230&
showthumb=0.
Christine Durand & Kristen Cici, Four Reasons Why NOT to Use Social Media . . . and
Why to Use It Anyway, Nonprofit Quarterly, Dec. 20, 2011, available at
http://www.nonprofitquarterly.org/index.php?option=com_content&view=article&id=18
531:four-reasons-why-not-to-use-social-media-and-why-to-use-it-anyway&catid=153:
features&Itemid=336.
Jim Fruchterman, For Love or Lucre, Stanford Social Innovation Review (Spring 2011),
available at http://www.ssireview.org/articles/entry/for_love_or_lucre.
Douglas Mancino, The Architecture of Charities’ Commercial Activities: Managing
Complex Structures (2008), http://www.law.columbia.edu/null/Mancino-Managing+
Complex+Structures?exclusive=filemgr.download&file_id=59224&showthumb=0.
Luther M. Ragin Jr., Symposium: Corporate Creativity: The Vermont L3C & Other
Developments in Social Entrepreneurship: Program-Related Investments in Practice, 35
Vt. L. Rev. 53 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/15%
14
20Ragin%20Book%201,%20Vol.%2035.pdf.
Dana Brakman Reiser, Benefit Corporations—A Sustainable Form of Organization?, 46
Wake Forest L. Rev. 591 (Fall 2011).
Richard Schmalbeck, Symposium: Corporate Creativity: The Vermont L3C & Other
Developments in Social Entrepreneurship: Financing the American Newspaper in the
Twenty-First Century, 35 Vt. L. Rev. 251 (2010), available at
http://lawreview.vermontlaw.edu/articles/v35/1/21%20Schmalbeck%20Book%201,%20
Vol.%2035.pdf.
Elizabeth Schmidt, Symposium: Corporate Creativity: The Vermont L3C & Other
Developments in Social Entrepreneurship: Vermont's Social Hybrid Pioneers: Early
Observations and Questions to Ponder, 35 Vt. L. Rev. 163 (2010), available at
http://lawreview.vermontlaw.edu/articles/v35/1/19%20Schmidt%20Book%201,%20Vol.
%2035.pdf.
John E Tyler III, Negating the Legal Problem of Having 'Two Masters': A Framework for
L3C Fiduciary Duties and Accountability, 35 Vt. L. Rev. 117 (Fall 2010),
http://lawreview.vermontlaw.edu/articles/v35/1/18%20Tyler%20Book%201,%20Vol.%2
035.pdf.
Critiques
J. William Callison & Allan W. Vestal, Symposium: Corporate Creativity: The Vermont
L3C & Other Developments in Social Entrepreneurship: The L3C Illusion: Why LowProfit Limited Liability Companies will not Stimulate Socially Optimal Private
Foundation Investment in Entrepreneurial Ventures, 35 Vt. L. Rev. 273 (2010), available
at http://lawreview.vermontlaw.edu/articles/v35/1/22%20Callison%20Book%201,%20
Vol.%2035.pdf.
David S. Chernoff, L3Cs: Less than Meets the Eye, Taxation of Exempts (May–Jun.
2010).
Daniel S. Kleiberger, The Fatal Design Defects of L3Cs, Nonprofit Quarterly, Jun. 20,
2010, available at http://www.nonprofitquarterly.org/index.php?option=com_content&
view=article&id=6736:the-fatal-design-defects-of-l3cs&catid=150:from-the-archives&
Itemid=351.
Daniel S. Kleiberger, A Myth Deconstructed: The “Emperor’s New Clothes” on the Low
Profit Limited Liability Company (Mar. 5, 2010), available at http://www.iaca.org/
downloads/2010Conference/BOS/6b_Kleinberger_Myth_Deconstructed.pdf.
Daniel S. Kleiberger, The Snare and Delusion of the L3C (Feb. 16, 2010), available at
http://meetings.abanet.org/webupload/commupload/RP519000/relatedresources/Kleinber
ger-L3C_Snare_and_Delusion-2-16-10.pdf.
15
International
Terrence S. Carter & Theresa L.M. Man, Canadian Registered Charities: Business
Activities and Social Enterprise: Thinking Outside the Box, Carters Professional
Corporation (Oct. 24, 2008), available at http://www.law.columbia.edu/null/Carter%
2BMan-CanadianRegisteredCharities?exclusive=filemgr.download&file_id=59218&
showthumb=0.
Matthew F. Doeringer, Note, Fostering Social Enterprise: A Historical and International
Analysis, 20 Duke J. Comp. & Int’l L. 291 (Winter 2010).
Sean Markey & Stacey Corriveau et al., Social Enterprise Legal Structure: Options and
Prospects for a ‘Made in Canada’ Solution, Institute for Nonprofit Studies, Mount Royal
University (June 2011), available at http://www.mtroyal.ca/wcm/groups/public/
documents/pdf/selsreport.pdf.
Myles McGregor-Lowndes, Structures at the Seam: the Architecture of Charities’
Commercial Activities – An Australian Perspective, National Center on Philanthropy and
the Law 20th Annual Conference (Oct. 24, 2008), available at
http://www.law.columbia.edu/null/Mcgregor-Lowndes+-An+Australian+Perspective?
exclusive=filemgr.download&file_id=59223&showthumb=0.
Alissa Mickels, Note, Beyond Corporate Responsibility: Reconciling the Ideals of a ForBenefit Corporation with Director Fiduciary Duties in the U.S. and Europe, 32 Hastings
Int’l & Comp. L. Rev. 271 (2009).
Debra Morris, Structures at the Seam: the Architecture of Charities’ Commecial
Activities: Comparative Panel: a View of Other Landscapes, The UK: New Opportunities
for Commercial Activity (Oct. 2008), available at http://www.law.columbia.edu/null/
Morris-TheUKNewOppsforCommActivity?exclusive=filemgr.download&file_id=
59222&showthumb=0.
Newcastle Council for Voluntary Service, NCVS Information Sheet: Community Interest
Company (June 2010), http://www.law.columbia.edu/null/Community_interest_company
?exclusive=filemgr.download&file_id=59231&showthumb=0.
16