GAINESVILLE, Fla. – Corporations in Florida now have the option to contribute in a significant way to greater social causes and look beyond the bottom line, in large part thanks to University of Florida Levin College of Law Professor Stuart Cohn.
Cohn was a principal draftsman for a bill that went into effect July 1, which allows for a corporation in Florida to form as, or convert to, a “benefit corporation” or a “social purpose corporation.”
“Each of these enterprises will allow entrepreneurs and investors to cause their corporation to engage in significant societal benefit programs that may not involve or satisfy the traditional corporate norm of profit maximization,” according to the White Paper used for the legislation.
The new law will appeal to socially-conscious entrepreneurs and help draw business to the state.
The bill was sponsored by Sen. Jeff Clemens and Rep. Pat Rooney.
Cohn is available to discuss the benefits and ramifications of the new corporate structures in Florida.
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