Perspective
Nov. 8, 2011
Caution warranted with new business entities
Before converting to a flexible purpose corporation or a benefit corporation, consider how this will affect key relationships. By John C. Oehmkev of Downey Brand LLP
In the recent legislative session, California enacted Senate Bill 201 and Assembly Bill 361, which authorize new corporate entities that blend the profit imperative of traditional for-profit corporations with charitable and public purpose activities historically pursued by nonprofit corporations. The new entities are called the "flexible purpose corporation" and the "benefit corporation." Many supporters of the new corporate...
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