Home > b-corporation, business, business law, community development, fintech, non-profit, nonprofit, Uncategorized > Trending Towards Social Entrepreneurship: Update on Michigan’s Benefit Corporation Legislation.

Trending Towards Social Entrepreneurship: Update on Michigan’s Benefit Corporation Legislation.

2016-07-22 13.10.20

 

House Bills 5710, 5711 & 5712 were introduced on May 31, that would allow BCorps to be formed under Michigan Law.

Although the State House has taken no formal action since June 1, in late September the House Fiscal Agency issued a Fiscal Analysis on the BCorp bills, check it out here.

The Analysis provides good background on what the legislation would do. This is helpful for those who are not overly familiar with BCorps in general.

Education on the “why” for BCorps.

Interested groups and local politicians are educating the public on why BCorp laws would be a good thing for our state.

State Rep Hank Vaupe gave a discussion to a local chamber group on B-Corps in September:

As Rep. Vaupe indicated “benefit corporations provide an opportunity for businesses to use the markets, rather than traditional charity giving, to advance their philanthropic missions.”

BCorp Certification is Trending in Michigan…

Over the last several months more and more local businesses have becoming Certified B Corps through BLabs. West Michigan has the most concentration of BCorp businesses in the State.

Recent headlines in Grand Rapids have brought attention to the need for businesses to ask the question: Am I working to build a better community?

B-Corp certification is one way (certainly not the only way) for businesses to hold themselves accountable to being a good community partner.

Why has it taken so long to get here?

Over the last several years Michigan legislators have introduced BCorp legislation – to no avail.

Check out this handout from Rep Barnett several years ago in support of the BCorp legislation he proposed in September 2010.

I found particularly interesting the very last section – it provides some comment on why some Michigan businesses may have been averse to the introduction of BCorp legislation. Feel free to read it and reach your own conclusions.

Trending Towards Social Entrepreneurship.

The trends all show that millennials and our up and coming workforce want to to be part of business as a force for good in our local community.

Questions? Comments?

Jeshua@dwlawpc.com

http://www.dwlawpc.com

Connect with me on Twitter: @JeshuaTLauka

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