The Next Big Thing: Flexible Purpose Corporations

DANA BRAKMAN REISER Over the past few years, jurisdictions across the country have enacted specialized organizational forms to house social enterprises. Social enterprises are entities dedicated to a blended mission of earning profits for owners and promoting social good. They are neither typical businesses, concentrated on the bottom line of profit, nor traditional charities, geared […]

Putting New Sheets On A Procrustean Bed: How Benefit Corporations Address Fiduciary Duties, The Dangers Created, And Suggestions For Change

J. WILLIAM CALLISON In Greek myth, Procrustes, a bandit son of Poseidon, had a one-size-fits-all iron bed on which he invited passers-by to spend the night. Once his guests were asleep, he used his ironsmith’s hammer to stretch them to fit the bed. If a guest proved too tall, Procrustes would use shears to amputate […]

Choose Your Own Master: Social Enterprise, Certifications, And Benefit Corporation Statutes

J. HASKELL MURRAY In the wake of the most recent financial crisis, interest in social enterprise has increased exponentially. Disillusioned with the perceived shareholder wealth focus of corporate law, entrepreneurs, investors, customers, and governments have become more receptive to new paradigms. In the past four years, nineteen states have passed at least one of five […]