Social Enterprise and Hybrid Corporate Forms

National State Attorneys General Program Charities Regulation and Oversight Project RESOURCES LIST SOCIAL MISSIONS/HYBRID CORPORATIONS MEETING AND WEBINAR JUNE 28-29, 2011 I ENACTED LEGISLATION BENEFIT CORPORATION LEGISLATION California A.B 361, 2011–2012 Reg Sess (Cal 2011) (effective Jan 1, 2012), available at http://www.leginfo.ca.gov/pub/11-12/bill/asm/ab_0351-0400/ab_361_bill_20111009_ chaptered.pdf, (codified at Cal Corp Code §§ 14600–14631) Hawaii S.B 298, 26th Leg., Reg Sess (Haw 2011) (effective Jul 8, 2011), available at http://www.capitol.hawaii.gov/session2011/bills/SB298_CD1_.htm (codified at Haw Rev Stat §§ 420D-1 to -13) Maryland S.B 690, 427th Gen Assemb., Reg Sess (Md 2010) (effective Oct 1, 2010), available at http://mlis.state.md.us/2010rs/bills/sb/sb0690t.pdf (codified at Md Code Ann., Corps & Ass’ns §§ 5-6C-01 to -08) New Jersey S 2170, 214th Leg., 2d Ann Sess (N.J 2011) (effective Mar 1, 2011), available at http://www.njleg.state.nj.us/2010/Bills/PL11/30_.PDF (codified at N.J Stat Ann §§ 14A:18-1 to -11) New York S 79-a, 234th Leg Sess (N.Y 2011) (effective Feb 10, 2012), available at http://open.nysenate.gov/legislation/bill/S79A-2011 (codified at N.Y Bus Corp Law §§ 1700–1709 Vermont S 263, Gen Assemb., 2009–2010 Leg Sess (Vt 2011) (effective Jul 1, 2011), available at http://www.leg.state.vt.us/docs/2010/Acts/ACT113.pdf (codified at Vt Stat Ann tit 11A, §§ 21.01–.14); see also S 217, Gen Assemb., 2011–2012 Leg Sess (introduced Jan 3, 2012) (seeking to amend requirements for closely-held benefit corporations) Virginia H.B 2358, 2011 Gen Assemb., Reg Sess (Va 2011) (effective Mar 26, 2011), available at http://lis.virginia.gov/cgi-bin/legp604.exe?111+ful+CHAP0698+pdf (codified at Va Code Ann §§ 13.1-782 to -791) LOW-PROFIT LIMITED LIABILITY COMPANY LEGISLATION Illinois S.B 239, 96th Gen Assemb., Reg Sess (Ill 2009) (effective Jan 1, 2010), available at http://www.ilga.gov/legislation/96/SB/PDF/09600SB0239lv.pdf (codified as amended at 805 Ill Comp Stat 180 / 1-5, 1-10(a)(1), 1-26, 15-5) Louisiana H.B 1421, 2010 Leg., Reg Sess (La 2010) (effective Aug 15, 2010), available at http://www.legis.state.la.us/billdata/streamdocument.asp?did=721792 (codified at La Rev Stat Ann §§ 12:1301(A)(21), :1302(C), :1305(B)(3), :1306(A)(1), :1309(A)) Maine H.P 1118, 124th Leg., 2d Reg Sess (Me 2011) (effective Jul 1, 2011), available at http://www.mainelegislature.org/legis/bills/bills_124th/chappdfs/PUBLIC629.pdf (codified as amended at Me Rev Stat tit 31, §§ 1502, 1508, 1559, 1611) Michigan S.B 1445, 94th Leg., Reg Sess (Mich 2009) (effective Jan 16, 2009), available at http://www.legislature.mi.gov/documents/2007-2008/publicact/pdf/2008-PA-0566.pdf (codified at Mich Comp Laws § 450.4102) S.B 1446, 94th Leg., Reg Sess (Mich 2009) (effective Jan 16, 2009), available at http://www.legislature.mi.gov/documents/2007-2008/publicact/pdf/2008-PA-0567.pdf (codified at Mich Comp Laws §§ 450.4204(2), 4803(1)) North Carolina S.B 308, 2009 Gen Assemb., Reg Sess (N.C 2010) (effective Aug 3, 2010), available at http://www.ncga.state.nc.us/Sessions/2009/Bills/Senate/PDF/S308v5.pdf (codified at N.C Gen Stat §§ 55D-20(a), 57C-2-01(d), 57C-2-21(a)(6)) Rhode Island H 5279A, 2011 Gen Assemb., Reg Sess (R.I 2011) (effective Jul 1, 2012) (same as S 353A), available at http://www.rilin.state.ri.us/PublicLaws/law11/law11079.htm (codified at R.I Gen Laws §§ 7-16-2, -9, -49, -76) Utah S.B 148, 2009 Leg., Gen Sess (Utah 2009) (effective Jul 1, 2012), available at http://le.utah.gov/~2009/bills/sbillenr/sb0148.pdf (codified as amended at Utah Code Ann §§ 48-3-102, -201, -202, -1301, -1302, -1303, -1304) Vermont H 775, Gen Assemb., 2007–2008Leg Sess (Vt 2008) (effective Apr 30, 2008), available at http://www.leg.state.vt.us/docs/legdoc.cfm?URL=/docs/2008/acts/ ACT106.HTM (codified at Vt Stat Ann tit 11, §§ 3001(27), 3005(a), 3023(a)) Wyoming H.B 182, 60th Leg., Gen Sess (Wyo 2009) (effective Jul 1, 2009) available at http://legisweb.state.wy.us/2009/Enroll/HB0182.pdf (codified as amended at Wyo Stat Ann §§ 17-29-102(a)(ix), -108, -705) OTHER FOR-BENEFIT ENTITY LEGISLATION California—Flexible Purpose Corporation S.B 201, 2011–2012 Reg Sess (Cal 2011) (effective Jan 1, 2012), available at http://www.leginfo.ca.gov/pub/11-12/bill/sen/sb_0201-0250/sb_201_bill_20111009_ chaptered.pdf, (codified at Cal Corp Code §§ 2500–4808) Maryland—Benefit Limited Liability Company H.B 1151/S.B 595, 2011 Gen Assemb., Reg Sess (Md 2011) (effective Jun 1, 2011), available at http://mlis.state.md.us/2011rs/chapters_noln/Ch_501_hb1151E.pdf (codified at Md Code Ann., Corps & Ass’ns §§ 11-4A-1101–11-4A-1108, 11-1-502, 5-6C-03) II PROPOSED/PENDING LEGISLATION BENEFIT CORPORATION LEGISLATION Colorado S.B 11-005, 68th Gen Assemb., 1st Reg Sess (Colo 2011) (introduced Jan 12, 2011; postponed indefinitely Apr 20, 2011), available at http://www.leg.state.co.us/clics/ clics2011a/csl.nsf/fsbillcont/8ED39164DC36FEA28725780100604E88? Open&file=005_01.pdf; see also Bill History, http://www.colorado.gov/state-billresults.html?billID =SB11-005 Florida H.B 757, 114th Leg., Reg Sess (Fla 2011) (introduced Nov 22, 2011), available at http://www.myfloridahouse.gov/Sections/Documents/loaddoc.aspx? FileName=_h0757 .docx&DocumentType=Bill&BillNumber=0757&Session=2012; see also Bill History, http://www.myfloridahouse.gov/Sections/Bills/billsdetail.aspx? BillId=48002 Illinois S.B 2897, 97th Gen Assemb., Reg Sess (Ill 2012) (introduced Feb 1, 2012) (same as H.B 4708), available at http://www.ilga.gov/legislation/97/SB/PDF/09700SB2897lv.pdf, see also Bill History, http://www.ilga.gov/legislation/BillStatus.asp?DocNum=2897& GAID=11&DocTypeID=SB&LegId=63455&SessionID=84&GA=97 Iowa H.F 2154, 84th Gen Assemb., Reg Sess (Iowa 2012) (introduced Jan 31, 2012), available at http://coolice.legis.state.ia.us/linc/84/external/HF2154_Introduced.pdf; see also Bill History, http://coolice.legis.state.ia.us/CoolICE/default.asp?Category= BillInfo&Service=DspHistory&var=HF&key=0970C&GA=84 Michigan S.B 359, 96th Leg., Reg Sess (Mich 2011) (introduced May 4, 2011) (same as H.B 4615), available at http://www.legislature.mi.gov/documents/2011-2012/billintroduced /Senate/pdf/2011-SIB-0359.pdf; see also Bill History, http://www.legislature.mi.gov/ (S(mxv4pz3b4voo2wnqkro5ro45))/mileg.aspx?page=BillStatus&objectname=2011-SB0359 S.B 360, 96th Leg., Reg Sess (Mich 2011) (introduced May 4, 2011) (same as H.B 4616), available at http://www.legislature.mi.gov/documents/2011-2012/billintroduced /Senate/pdf/2011-SIB-0360.pdf; see also Bill History, http://www.legislature.mi.gov/(S( mxv4pz3b4voo2wnqkro5ro45))/mileg.aspx?page=BillStatus&objectname=2011-SB0360 Minnesota S.F 1572, 87th Leg., Reg Sess (Minn 2012) (introduced Jan 26, 2012), available at https://www.revisor.mn.gov/bin/bldbill.php?bill=S1572.0.html&session=ls87; see also Bill History, https://www.revisor.mn.gov/revisor/pages/search_status/status_detail.php? b=Senate&f=SF1572&ssn=0&y=2012 North Carolina H.B 419/S.B 26, 2011 Gen Assemb., Reg Sess (N.C 2011) (introduced Mar 21, 2011), available at http://www.ncleg.net/Sessions/2011/Bills/House/PDF/H419v1.pdf; see also Bill History, http://www.ncleg.net/gascripts/BillLookUp/BillLookUp.pl?BillID= H419&Session=2011 Pennsylvania H.B 1616, 2011 Gen Assemb., Reg Sess (Pa 2011) (introduced Jun 2, 2011), available at http://www.legis.state.pa.us/CFDOCS/Legis/PN/Public/btCheck.cfm? txtType=PDF&sessYr=2011&sessInd=0&billBody=H&billTyp=B&billNbr=1616&pn=1 999; see also Bill History, http://www.legis.state.pa.us/cfdocs/billinfo/bill_history.cfm ?syear=2011&sind=0&body=H&type=B&bn=1616 LOW-PROFIT LIMITED LIABILITY COMPANY LEGISLATION Alabama S.B 517, 2011 Reg Sess (Ala 2011) (introduced May 25, 2011), available at http://alisondb.legislature.state.al.us/acas/searchableinstruments/2011RS/Printfiles//SB51 7-int.pdf; see also Bill History, http://alisondb.legislature.state.al.us/acas/ ACASLoginMac.asp?SESSION=1058 Arizona S.B 1503, 50th Leg., 1st Reg Sess (Ariz 2011) (introduced Feb 1, 2011), available at http://www.azleg.gov/legtext/50leg/1r/bills/sb1503s.pdf; see also Bill History, http://www.azleg.gov//FormatDocument.asp? inDoc=/legtext/50leg/1r/bills/sb1503o.asp&Session_ID=102 Arkansas S.B 5, 88th Gen Assemb., Reg Sess (Ark 2011) (introduced Jan 10, 2011), available at http://www.arkleg.state.ar.us/assembly/2011/2011R/Bills/SB5.pdf; see also Bill History, http://www.arkleg.state.ar.us/assembly/2011/2011R/Pages/BillInformation.aspx? measureno=SB5 District of Columbia B19-0177, D.C Council, 19th Period (D.C 2011) (introduced Mar 15, 2011), available at http://dcclims1.dccouncil.us/images/00001/20110606174650.pdf; see also Bill History, http://dcclims1.dccouncil.us/lims/searchbylegislation.aspx Georgia H.B 594, 151st Gen Assemb., Reg Sess (Ga 2011) (introduced Mar 28, 2011), available at http://www1.legis.ga.gov/legis/2011_12/pdf/hb594.pdf; see also Bill History, http://www1.legis.ga.gov/legis/2011_12/sum/hb594.htm Hawaii H.B 2082, 26th Leg., Reg Sess (Haw 2012) (introduced Jan 19, 2012), available at http://www.capitol.hawaii.gov/session2012/bills/HB2082_.pdf, see also Bill History, http://www.capitol.hawaii.gov/measure_indiv.aspx?billtype=HB&billnumber=2082 S.B 674, 26th Leg., Reg Sess (Haw 2011) (introduced Jan 21, 2011; carried over Dec 1, 2011); available at http://www.capitol.hawaii.gov/session2012/Bills/SB674_.HTM; see also Bill History, http://www.capitol.hawaii.gov/measure_indiv.aspx?billtype=SB& billnumber=674 Indiana S.B 501, 117th Gen Assemb., 1st Reg Sess (Ind 2011) (introduced Jan 13, 2011), available at http://www.in.gov/legislative/bills/2011/IN/IN0501.1.html Iowa S.F 158, 84th Gen Assemb., 2011 Sess (Iowa 2011) (introduced Feb 7, 2011); available at http://coolice.legis.state.ia.us/linc/84/external/SF158_Introduced.pdf; see also Bill History, http://coolice.legis.state.ia.us/Cool-ICE/default.asp?Category=BillInfo &Service=DspHistory&var=SF&key=0180B&GA=84 Kentucky H.B 110, 2011 Leg., Reg Sess (Ky 2011) (introduced Jan 4, 2011), available at http://www.lrc.ky.gov/record/11RS/HB110.htm Maryland H.B 552, 428th Gen Assemb., Reg Sess (Md 2011) (introduced Feb 8, 2011) (same as S.B 209), available at http://mlis.state.md.us/2011rs/bills/hb/hb0552f.pdf; see Bill History; http://mlis.state.md.us/2011rs/billfile/hb0552.htm Massachusetts H.B 1868, 187th Gen Ct (Mass 2011) (introduced Jan 21, 2011), available at http://www.malegislature.gov/Bills/BillHtml/14304?generalCourtId=1; see also Bill History, http://www.malegislature.gov/Bills/187/House/H01868 Missouri H.B 1561, 96th Gen Assemb., 2d Reg Sess (Mo 2012) (introduced Jan 30, 2012), available at http://www.house.mo.gov/billtracking/bills121/billpdf/intro/HB1561I.PDF; see also Bill History, http://www.house.mo.gov/BillActions.aspx?bill=HB1561&year= 2012&code=R Montana H.B 415, 62nd Leg., 2011 Sess (Mont 2011) (introduced Feb 4, 2011; died in committee Apr 28, 2011), available at http://data.opi.mt.gov/bills/2011/billpdf/HB 0415.pdf; see also Bill History, http://laws.leg.mt.gov/laws11/LAW0203W$BSRV ActionQuery? P_BLTP_BILL_TYP_CD=HB&P_BILL_NO=415&P_BILL_DFT_NO=&P_CHPT_NO =&Z_ACTION=Find&P_SBJ_DESCR=&P_SBJT_SBJ_CD=&P_LST_NM1=&P_ENT Y_ID_SEQ= New Hampshire S.B 352, 2012 Reg Sess (N.H 2012) (introduced Jan 4, 2012), available at http://www.gencourt.state.nh.us/legislation/2012/SB0352.pdf; see also Bill History, http://www.gencourt.state.nh.us/bill_status/bill_status.aspx? lsr=2903&sy=2012&sortoption=&txtsessionyear=2012&txtbillnumber=sb352&q=1 New York S.B 3011, 234th Leg Sess (N.Y 2011) (introduced Feb 7, 2011) (same as A.B 6116), available at http://open.nysenate.gov/legislation/api/1.0/lrs-print/bill/S3011-2011; see also Bill History, http://open.nysenate.gov/legislation/bill/S3011-2011 Oklahoma H.B 1088, 53rd Leg., 1st Reg Sess (Okla 2011) (introduced Jan 18, 2011), available at http://www.oklegislature.gov/BillInfo.aspx?Bill=HB%201088 Oregon H.B 2745, 76th Leg Assemb (Or 2011) (introduced Jan 11, 2011), available at http://www.leg.state.or.us/11reg/measpdf/hb2700.dir/hb2745.intro.pdf Virginia S.B 351, 2012 Gen Assemb., Reg Sess (Va 2012) (introduced Jan 11, 2012), available at http://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB351+pdf; see also Bill History, http://lis.virginia.gov/cgi-bin/legp604.exe?ses=121&typ=bil&val=sb351 OTHER FOR-BENEFIT ENTITY LEGISLATION Virginia—Benefit Limited Liability Company H.B 354, 2012 Gen Assemb., Reg Sess (introduced Jan 11, 2012; tabled Feb 2, 2012), available at http://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+HB354+pdf; see also Bill History, http://lis.virginia.gov/cgi-bin/legp604.exe?ses=121&typ=bil&val=hb354 ARTICLES AND VIDEO Hybrid Orgs: The Basics (and origins) VIDEO Skoll Foundation, Social Entrepreneurs: Pioneering Social Change (Feb 18, 2009), http://www.youtube.com/watch?v=jk5LI_WcosQ Marion Fremont-Smith, Aviva Argote, & Luther M Ragin, Jr (panelists), Hybrid Organizations: The New Face of Social Enterprise?, Hauser Center at Harvard (April 7, 2011), available at http://vimeo.com/23825209 Shirley Tilghman, Introduction to Social Entrepreneurship, TEDxPrincetonU (2010), http://www.youtube.com/watch?v=f6233bQk5A0 ARTICLES California Legislative Summary: AB 361, as amended, Huffman Benefit Corporations, available at http://www.law.columbia.edu/null/download? &exclusive=filemgr.download&file_id=61861 California Legislative Summary: SB 201, as amended, DeSaulnier Flexible purpose corporations: corporate mergers, http://www.law.columbia.edu/null/download? &exclusive=filemgr.download&file_id=621373 Bradford E Block, L3C Doing Well and Doing Good: Low-Profit Limited Liability Companies, 99 Ill B.J 310 (Jun 2011) W Derrick Britt et al., Frequently Asked Questions: Proposed Amendments to the California Corporations Code for a New Corporate Form: The Flexible Purpose Corporation and Senate Bill 201 (Feb 23, 2011), http://www.law.columbia.edu/null/ Final+FAQ+on+Flexible+Purpose+Corporation+%2800312058%29? exclusive=filemgr.download&file_id=59229&showthumb=0 Caryn Capriccioso, Rick Zwetsch, & Erin Shaver, Who is the L3C Entrepreneur? (May 2010), available at http://americansforcommunitydevelopment.org/downloads/Whoisthe L3CEntrepreneur.pdf David Colander, Solving Society’s Problems from the Bottom Up: For-Benefit Enterprises, Middlebury College Rosemary Fei, A Guide to Social Enterprise Vehicles, Taxation of Exempts, Jan.–Feb 2011, at 37, available at http://www.law.columbia.edu/null/A+Guide+to+Social+ Enterprise+Vehicles+%2800304109%29? exclusive=filemgr.download&file_id=59214&showthumb=0 Timothy J Galpin & Greg R Bell, Social Entrepreneurship and the L3C Structure: Bridging the Gap Between Non-Profit and For-Profit Ventures, Journal of Business and Entrepreneurship, Oct 1, 2010, at 29 R Todd Johnson, Everything You Ever Wanted to Know About the Flexible Purpose Corporation (And Then Some), Business For Good (Mar 7, 2011, 10:57 AM), http://businessforgood.blogspot.com/2011/03/frequently-asked-questions-proposed.html Robert A Katz & Antony Page, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: The Role of Social Enterprise, 35 Vt L Rev 59 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/16%20Page %20&%20Katz%20L&E%20Book%201,%20Vol.%2035.pdf Marjorie Kelly and Allen White, Symposium: The Bhopal Disaster Approaches 25: Looking Back to Look Forward: Corporate Design: The Missing Organizational and Public Policy Issue of Our Time, 42 New Eng L Rev 761 (2008) Robert Lang & Elizabeth Carrott Minnigh, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: The L3C, History, Basic Construct, and Legal Framework, 35 Vt L Rev 15 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/12%20Lang%20&%20Minnigh%20Book %201,%20Vol.%2035.pdf Stephen Lloyd, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: Creating the CIC, 35 Vt L Rev 31 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/13%20LLoyd%20Book% 201,%20Vol.%2035.pdf Susan A Maslow & Timothy White, Enlightened Capitalism and L3Cs, New Jersey Lawyer, April 2011, at 63, available at http://americansforcommunitydevelopment.org/ downloads/Maslow_enlightened_capitalism_and_l3cs.pdf NAAG/NASCO, The Benefit Corporation: Philanthrocapitalism’s Plan B?, 2010 NAAG/NASCO Conference, available at http://www.law.columbia.edu/null/B+corp+ powerpoint+-+nasco+2010?exclusive=filemgr.download&file_id=59213&showthumb =0 Dana Brakman Reiser, Charity Law’s Essentials, Notre Dame L Rev (Feb 2011) Dana Brakman Reiser, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: Blended Enterprise and The Dual Mission Dilemma, 35 Vt L Rev 105 (2010), available at http://lawreview.vermontlaw.edu/ articles/v35/1/17%20Brackman%20Reiser%20Book%201,%20Vol.%2035.pdf S Comm on Commerce, Issue Brief 2011-210 (Fla 2010), available at http://www.flsenate.gov/Committees/InterimReports/2011/2011-210cm.pdf Stephen Schwarz, The Architecture of Charities’ Commercial Activities: Structural Reactions: Basic Structures (2008), available at http://www.law.columbia.edu/null/ Schwarz-ArchitectureCharitiesCommercialActivities?exclusive=filemgr.download& file_id=59239&showthumb=0 Celia R Taylor, Carpe Crisis: Capitalizing on the Breakdown of Capitalism to Consider the Creation of Social Businesses, 54 N.Y.L Sch L Rev 743 (2009–2010) Cody Vitello, Introducing the Low-Profit Limited Liability Company (L3C): The New Kid on the Block, 23 Loy Consumer L Rev 565 (2011), http://www.law.columbia.edu/null/ Vitello-L3C_NewKid+onBlock?exclusive=filemgr.download&file_id=59234& showthumb=0 Arthur Wood, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: New Legal Structures to Address The Social Capital Famine, 35 Vt L Rev 45 (2010), available at http://lawreview.vermontlaw.edu/ articles/v35/1/14%20Wood%20Book%201,%20Vol.%2035.pdf The Social Entrepreneur’s Perspective VIDEO Jed Emerson, CIBC Presents Entrepreneurship 101: “Lived It Live” (the evolution of social capital markets in the U.S.), http://vimeo.com/7984598 Jed Smith, Kristen Groos Richmond, Peter Frykman & Russ Hall, Panel on Social Entrepreneurship, Stanford Graduate School of Business (2010), http://www.youtube.com/watch?v=SkCUalVWiW0 10 ARTICLES Jed Emerson, Tim Freundlich, & Jim Fruchterman, Nothing Ventured, Nothing Gained: Addressing Critical Gaps in Risk-Taking Capital for Social Enterprise, Skoll Center for Social Entrepreneurship, SAID Business School, Oxford University (April 3, 2007), available at http://www.benetech.org/about/downloads/NothingVenturedFINAL.pdf Susan H Mac Cormac, The Emergence of New Corporate Forms, 2007 Summit on the Future of the Corporation, available at http://www.mofo.com/files/Publication/ac744a 63-6c33-4ab5-9ac8-dee43093d69f/Presentation/PublicationAttachment/9f89f9b7-fc1947bb-be86-b17b8b94f334/NewCorporateFormsMacCormacNov2007.pdf Dana Brakman Reiser, Governing and Financing Blended Enterprise, 85 Chi.-Kent L Rev 619 (2010) Heerad Sabeti, The For-Benefit Enterprise, Harvard Business Review (Nov 2011), available at https://archive.harvardbusiness.org/cla/web/pl/product.seam?c=14677 &i=14679&cs=52062de28ba52dda0508ad07e88c793d Heerad Sabeti, The Emerging Fourth Sector: a New Sector of Organizations at the Intersection of the Public, Private and Social Sectors, The Aspen Institute (2009), available at http://www.law.columbia.edu/null/Sabeti+-+Emergin+Fourth+Sector ?exclusive=filemgr.download&file_id=59219&showthumb=0 Linda O Smiddy, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: Introduction, 35 Vt L Rev (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/11%20Introduction% 20Smiddy%20Book%201,%20Vol.%2035.pdf Michael Van Patten, Mission Markets: One Market(place), Many Missions, GreenMoney Journal (Summer 2011), http://www.greenmoneyjournal.com/article.mpl?newsletterid =55&articleid=807 Arthur Wood, New Legal Structures to Address the Social Capital Famine, 35 Vt L Rev 35 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/14%20Wood% 20Book%201,%20Vol.%2035.pdf Legal Perspectives on the Forms Christopher C Archer, Comment, Private Benefit for the Public Good: Promoting Foundation Investments for the “Fourth Sector” to Provide More Efficient and Effective Social Missions, 84 Temp L Rev 159 (Fall 2011) Carter G Bishop, The Low-Profit LLC (L3C): Program Related Investment by Proxy or Perversion?, 63 Ark L Rev 243 (2010) 11 Victoria B Bjorklund & Elizabeth J Dodson, The Price of Freedom: Benefits and Burdens of Foregoing Exemption (Oct 24, 2008), available at http://www.law.columbia.edu/null/Bjorklund-Price+of+Freedom?exclusive=filemgr download&file_id=59216&showthumb=0 Evelyn Brody & John E Tyler III, How Public is Private Philanthropy: Separating Reality from Myth, Philanthropy Roundtable (June 2009), available at http://www.philanthropyroundtable.org/file_uploads/Public_Private_Monograph_high_re s_Final.pdf Michael D Gottesman, From Cobblestones to Pavement: The Legal Road Forward for the Creation of Hybrid Social Organizations, 26 Yale L & Pol'y Rev 345 (Fall 2007), available at http://www.law.columbia.edu/null/gottsman+-+Legal+Road+Forward+for+ Hybrid+Orgs?exclusive=filemgr.download&file_id=59228&showthumb=0 Steven J Haymore, Note, Public(ly Oriented) Companies: B Corporations and the Delaware Stakeholder Provision Dilemma, 64 Vand L Rev 1311 (2011) James R Hines, Jr et al., The Attack on Non-Profit Status: A Charitable Assessment, 108 Mich L Rev 1179 (2010) Garry W Jenkins, Who's Afraid of Philanthrocapitalism?, 61 Case W Res L Rev 753 (2010–2011) Mark Krogstad, Note, Filling the Gap: Addressing the Potential Impact of North Dakota Adopting Legislation Creating a New Entity – The Low Profit Limited Liability Company, 86 N Dak L Rev 535 (2010), available at http://www.law.columbia.edu/null/ Krogstad+-+L3C+North+Dakota?exclusive=filemgr.download&file_id=59225&show thumb=0 Christopher Lacovara, Note, Strange Creatures: A Hybrid Approach to Fiduciary Duty in Benefit Corporations, 2011 Colum Bus L Rev 815 (2011) J Haskell Murray & Edward I Hwang, Purpose with Profit: Governance, Enforcement, Capital-Raising, and Capital-Locking in Low-Profit Limited Liability Companies, 66 U Miami L Rev (Fall 2011) Antony Page & Robert A Katz, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: Freezing Out Ben & Jerry: Corporate Law and the Sale of a Social Enterprise Icon, 35 Vt L Rev 211 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/20%20Page%20&%20Katz%20B&J %20Book%201,%20Vol.%2035.pdf 12 Rakhi I Patel, Facilitating Stakeholder-Interest Maximization: Accommodating Beneficial Corporations in the Model Business Corporation Act, 23 St Thomas L Rev 135 (Fall 2010) David Spenard, L3C: Panacea or Problem?: An Introduction to the Low-Profit Limited Liability Company (Feb 18, 2009), available at http://www.law.columbia.edu/null/ Spenard+-+L3C+Powerpoint+2?exclusive=filemgr.download&file_id=59236&show thumb=0 David Spenard, The Low-Profit LLC (L3C): Are There Reasons for Concern?, 2009 NASCO Annual Conference (Oct 20, 2009), available at http://www.law.columbia.edu/null/Spinard+-+L3C+Powerpoint?exclusive=filemgr download&file_id=59235&showthumb=0 John E Tyler III & Marcus Owens, The L3C: A Potentially Useful Tool for Promoting Charitable Purposes, The Federal Reserve Bank of Minneapolis, Community Dividend (Nov 2009), available at http://www.minneapolisfed.org/publications_papers/pub_ display.cfm?id=4491 Robert Wexler, Interview With Myself – New “Corporate” Forms (May 31, 2011), available at http://www.law.columbia.edu/null/Rob+Self-interview+%2800330151%29? exclusive=filemgr.download&file_id=59220&showthumb=0 Robert Wexler, Effective Social Enterprise — A Menu of Legal Structures, 63 Exempt Orgs Tax Rev 565 (Jun 2009), available at http://www.adlercolvin.com/pdf/ grantmaking/63eo0565.pdf Robert Wexler, Social Enterprise – a Legal Context, 54 Exempt Orgs Tax Rev 233 (Dec 2006), available at http://www.fourthsector.net/attachments/9/original/Social_Enterprise _Article 00076037_.pdf?1229493792 Concerns of Regulators, Sector, Attorney Letter from Chris Cash, Pres., Nat’l Ass’n of State Charity Officials, to Sen Max Baucus, Chairman, and Sen Charles Grassley, Ranking Member, Sen Fin Comm (Mar 19, 2009), available at http://www.law.columbia.edu/null/20090319+NASCO+Letter+to+ Senate+Finance+Committee+reL3Cs? exclusive=filemgr.download&file_id=59212&showthumb=0 (inquiring whether the U.S Senate Finance Committee planned to pursue changes in federal law that would streamline the process for approving program-related investments in low-profit limited liability companies) Letter from Sen Max Baucus, Chairman, and Sen Charles Grassley, Ranking Member, Sen Fin Comm to Chris Cash, Pres., Nat’l Ass’n of State Charity Officials (March 20, 2009), available at http://www.law.columbia.edu/null/20090320+Senate+Finance+ 13 Committee+Letter+to+NASCO+reL3Cs? exclusive=filemgr.download&file_id=59211&showthumb=0 (stating that the U.S Senate Finance Committee did not think changes to the approval process for program-related investments in low-profit limited liability companies was ripe for federal legislation) Letter from Marcus S Owens, Robert A Wexler, et al to Willard L Boyd III, Chair, ABA Bus Section Nonprofit Orgs Comm., Scott E Ludwig, Chair, ABA Bus Section LLCs, P’ships and Unincorporated Entities Comm., and Saba Ashraf, Chair, ABA Bus Section Tax Comm (July 13, 2011), available at http://www.americansforcommunity development.org/TDE_CMS/database/userfiles/file/Letter%20regarding%20L3C %20(00339893-2).pdf (responding to letter circulated by committees of the ABA Business Section in opposition to the low-profit limited liability company entity form) NYU School of Law, Establishing New Legal Forms for Fourth Sector Organizations, July 17, 2008, http://www.perlmanandperlman.com/publications/articles/2008/Fourth Sector.pdf William H Clark, Jr and Larry Vranka, The Need for the Benefit Corporation: Why it is the Legal Form that Best Addresses the Needs of Social Entrepreneurs, Investors, and, Ultimately, the Public (Nov 16, 2011), available at http://www.benefitcorp.net/storage/ The_Need_and_Rational_for_Benefit_Corporations 11-16_version.pdf Joseph J Cordes & C Eugene Steurle, The Undivided Self: Are the Business Body and the Nonprofit Soul Separable? (Oct 2008), available at http://www.law.columbia.edu/ null/Cordes-BusinessBody-NonprofitSoul?exclusive=filemgr.download&file_id=59230& showthumb=0 Christine Durand & Kristen Cici, Four Reasons Why NOT to Use Social Media and Why to Use It Anyway, Nonprofit Quarterly, Dec 20, 2011, available at http://www.nonprofitquarterly.org/index.php? option=com_content&view=article&id=18531:four-reasons-why-not-to-use-socialmedia-and-why-to-use-it-anyway&catid=153: features&Itemid=336 Jim Fruchterman, For Love or Lucre, Stanford Social Innovation Review (Spring 2011), available at http://www.ssireview.org/articles/entry/for_love_or_lucre Douglas Mancino, The Architecture of Charities’ Commercial Activities: Managing Complex Structures (2008), http://www.law.columbia.edu/null/Mancino-Managing+ Complex+Structures?exclusive=filemgr.download&file_id=59224&showthumb=0 Luther M Ragin Jr., Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: Program-Related Investments in Practice, 35 Vt L Rev 53 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/15% 20Ragin%20Book%201,%20Vol.%2035.pdf 14 Dana Brakman Reiser, Benefit Corporations—A Sustainable Form of Organization?, 46 Wake Forest L Rev 591 (Fall 2011) Richard Schmalbeck, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: Financing the American Newspaper in the Twenty-First Century, 35 Vt L Rev 251 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/21%20Schmalbeck%20Book %201,%20Vol.%2035.pdf Elizabeth Schmidt, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: Vermont's Social Hybrid Pioneers: Early Observations and Questions to Ponder, 35 Vt L Rev 163 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/19%20Schmidt%20Book%201,%20Vol %2035.pdf John E Tyler III, Negating the Legal Problem of Having 'Two Masters': A Framework for L3C Fiduciary Duties and Accountability, 35 Vt L Rev 117 (Fall 2010), http://lawreview.vermontlaw.edu/articles/v35/1/18%20Tyler%20Book%201,%20Vol %2035.pdf Critiques J William Callison & Allan W Vestal, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: The L3C Illusion: Why LowProfit Limited Liability Companies will not Stimulate Socially Optimal Private Foundation Investment in Entrepreneurial Ventures, 35 Vt L Rev 273 (2010), available at http://lawreview.vermontlaw.edu/articles/v35/1/22%20Callison%20Book%201,%20 Vol.%2035.pdf David S Chernoff, L3Cs: Less than Meets the Eye, Taxation of Exempts (May–Jun 2010) Daniel S Kleiberger, The Fatal Design Defects of L3Cs, Nonprofit Quarterly, Jun 20, 2010, available at http://www.nonprofitquarterly.org/index.php?option=com_content& view=article&id=6736:the-fatal-design-defects-of-l3cs&catid=150:from-the-archives& Itemid=351 Daniel S Kleiberger, A Myth Deconstructed: The “Emperor’s New Clothes” on the Low Profit Limited Liability Company (Mar 5, 2010), available at http://www.iaca.org/ downloads/2010Conference/BOS/6b_Kleinberger_Myth_Deconstructed.pdf Daniel S Kleiberger, The Snare and Delusion of the L3C (Feb 16, 2010), available at http://meetings.abanet.org/webupload/commupload/RP519000/relatedresources/Kleinber ger-L3C_Snare_and_Delusion-2-16-10.pdf 15 International Terrence S Carter & Theresa L.M Man, Canadian Registered Charities: Business Activities and Social Enterprise: Thinking Outside the Box, Carters Professional Corporation (Oct 24, 2008), available at http://www.law.columbia.edu/null/Carter% 2BMan-CanadianRegisteredCharities?exclusive=filemgr.download&file_id=59218& showthumb=0 Matthew F Doeringer, Note, Fostering Social Enterprise: A Historical and International Analysis, 20 Duke J Comp & Int’l L 291 (Winter 2010) Sean Markey & Stacey Corriveau et al., Social Enterprise Legal Structure: Options and Prospects for a ‘Made in Canada’ Solution, Institute for Nonprofit Studies, Mount Royal University (June 2011), available at http://www.mtroyal.ca/wcm/groups/public/ documents/pdf/selsreport.pdf Myles McGregor-Lowndes, Structures at the Seam: the Architecture of Charities’ Commercial Activities – An Australian Perspective, National Center on Philanthropy and the Law 20th Annual Conference (Oct 24, 2008), available at http://www.law.columbia.edu/null/Mcgregor-Lowndes+-An+Australian+Perspective? exclusive=filemgr.download&file_id=59223&showthumb=0 Alissa Mickels, Note, Beyond Corporate Responsibility: Reconciling the Ideals of a ForBenefit Corporation with Director Fiduciary Duties in the U.S and Europe, 32 Hastings Int’l & Comp L Rev 271 (2009) Debra Morris, Structures at the Seam: the Architecture of Charities’ Commecial Activities: Comparative Panel: a View of Other Landscapes, The UK: New Opportunities for Commercial Activity (Oct 2008), available at http://www.law.columbia.edu/null/ Morris-TheUKNewOppsforCommActivity?exclusive=filemgr.download&file_id= 59222&showthumb=0 Newcastle Council for Voluntary Service, NCVS Information Sheet: Community Interest Company (June 2010), http://www.law.columbia.edu/null/Community_interest_company ?exclusive=filemgr.download&file_id=59231&showthumb=0 16 ... A Katz, Symposium: Corporate Creativity: The Vermont L3C & Other Developments in Social Entrepreneurship: Freezing Out Ben & Jerry: Corporate Law and the Sale of a Social Enterprise Icon, 35... Fostering Social Enterprise: A Historical and International Analysis, 20 Duke J Comp & Int’l L 291 (Winter 2010) Sean Markey & Stacey Corriveau et al., Social Enterprise Legal Structure: Options and. .. http://lis.virginia.gov/cgi-bin/legp604.exe?ses=121&typ=bil&val=hb354 ARTICLES AND VIDEO Hybrid Orgs: The Basics (and origins) VIDEO Skoll Foundation, Social Entrepreneurs: Pioneering Social Change (Feb 18, 2009), http://www.youtube.com/watch?v=jk5LI_WcosQ