ClientSmart interviewed Morrison & Foerster’s Suz Mac Cormac, chair of the firm’s Social Enterprise and Impact Investing and Energy practices, about the Business Roundtable’s adoption of a new “Statement on the Purpose of a Corporation.” The statement changes the definition of the purpose of a corporation to include not just shareholders but also stakeholders: customers, ...›
The MoFo Impact team recently published two articles in the Daily Journal on legal forms for social enterprises. The first article, “Leveraging Corporate Structure for Impact,” summarizes the different forms that entrepreneurs and investors alike should consider to help save our planet and improve the lives of the people on it. In “10 Considerations for ...›
Members of the MoFo Impact team contributed two chapters in The Lawyer’s Corporate Social Responsibility Deskbook: Practical Guidance for Corporate Counsel and Law Firms, published by the American Bar Association. This new guide is a comprehensive resource for in-house and outside counsel to help their companies, firms, and clients develop effective corporate social responsibility programs. ...›
Four years after Delaware first enacted its Public Benefit Corporation (PBC) statute, the state has taken another step forward in advancing legal entity forms for social enterprises. In August 2018, Delaware added a new legal entity to its code: the Public Benefit Limited Liability Company, or PBLLC. ...›
In April 2018, the Delaware State Bar Association’s Corporate Law Section approved an amendment to the Delaware Limited Liability Company Act that allows for the formation of public benefit limited liability companies (PBLLCs). The proposed new PBLLC statute – Subchapter XII of Chapter 18, Title 6 of the Delaware Code (PDF) – closely tracks the Delaware public ...›
TrustLaw, in partnership with law firm Tilleke & Gibbins, the British Council, and United Nations ESCAP launched the ASEAN Social Enterprise Structuring Guide, covering legal structures available in Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Thailand, and Vietnam. As social entrepreneurship continues to blossom around the world, especially in Southeast Asia, governments in the region ...›
There continues to be a lot of press around B Corps—not surprising given the marketing expertise of the B Lab founding team and the staff that it has hired. More importantly, the B Corp movement has been embraced by an increasingly wide audience. It is no longer solely the purview of socially and progressively minded liberals, willing or able to sacrifice returns for positive impact. It is now employed by publicly traded ...›
When people ask which impact investors inspire us, one team consistently rises to the top: Omidyar Network. Since its founding 14 years ago, Omidyar Network has led a small revolution in the impact investing and philanthropic community. Not only has it dedicated over $1 billion to initiatives working to solve some of the world’s greatest problems, it has redefined how the world thinks about capitalizing these initiatives. ...›
MoFo Impact recently collaborated with Obvious Ventures and their World Positive publication on a three-part series on corporate form. Check out all three pieces: "A Startup Cheat Sheet for the Baffling World of Company Structures"; "C-Corps, LLCs, PBCs, and All That Jazz"; and "To B Corp or Not to B Corp?" ...›
Suz Mac Cormac recently spoke to socially-minded entrepreneurs at an Impact.tech event. She presented ways to embed mission into social enterprises through the use of corporate forms. ...›