The first study of the first Benefit Corporations and Benefit LLCs in the country in the first state to pass the laws (Maryland), and released by the first Benefit LLC, ChangeMatters. Research was conducted during the 2012 Fall semester by an MBA team at the Robert H. Smith School of Business's Center for Social Value Creation at University of Maryland as part of the Smith Experience.

1. Maryland Benefit Corporation Act
The State of Social Enterprise in Maryland
Smith School of Business
January 2013
Booz Allen Hamilton Business Confidential and
Proprietary – Internal Use Only
Prepared by MBA Consultants Megan Burkhart, Ana Castro, Adrian Sanchez
0

2. Forward
Written by Amy Kincaid of ChangeMatters
It seems like not a week goes by without someone asking me: How many benefit corporations are there?
What kinds of businesses do it, and why? I can answer only anecdotally, in my opinion, and in my own
experience as a Benefit LLC because, I explain, this is all still so new, we just don’t really know for sure.
About a year ago, Guillermo Olivos, Assistant Director of University of Maryland’s Center for Social Value
Creation asked me these questions between sessions at their annual conference. He and I got to talking about
what a shame it was that there didn’t seem to be any system set up to track basic data on the companies set
up under these new laws establishing new corporate structures for environmentally and socially responsible
businesses. Without some baseline soon, we thought, it would be hard to figure out answers in the future to
more meaningful questions such as are these companies growing and good for neighborhood economies,
does the legal structure help or hurt companies, are the numbers growing, what difference do they make to
local economies or state revenue, are they enriching and enhancing community development? Maybe,
Guillermo said, we could do a study project.
So, over the summer, we came up with the framework for a discrete and relatively modest semester project to
gather information from and about the benefit companies and analyze implementation of the laws so far. He
recruited three University of Maryland MBA students: Megan Burkhart, Ana Castro, and Adrian Sanchez. I set
out general questions and inquiry areas, provided leads and links to resource people and information, but then
stepped out of the students’ way. The investigation and analysis are theirs.
The result is this report—the first investigation of the Benefit Corporations and Companies filing in the first two
years in the first state that passed the laws.
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3. Forward
Written by Amy Kincaid of ChangeMatters
My own view is that the laws establishing Benefit Corporations and Benefit LLCs are part of a larger
movement toward conscious capitalism; ―common good enterprise,‖ or balanced business leadership. My
consulting firm, ChangeMatters, works exclusively in this area to provide planning, training, and funding
assistance. We work with common good enterprises that have traditional, benefit, and nonprofit structures.
Currently, we have clients and projects from Maryland to Mississippi, even Mozambique. The alliteration just a
coincidence, but the projects each connect enterprise to community economic development. My goal is to
promote positive, sustaining community and economic development through increased social enterprise and
socially responsible small business.
The leadership demonstrated by the state of Maryland, in stepping out front to try new corporate forms, can
be extended and enhanced, and can make a difference in building more sustainable - and community-
sustaining - local enterprise. I believe this will happen best as more is done via the private sector working with
state government to fill in the gaps of responsibility, accountability, connectivity, strategy, and funding.
This report represents a modest first step towards setting baseline data and providing analysis of the initial
implementation. My hope is that this the report offers insight to this exciting and evolving economic field. I am
grateful to the research team, to their advisor David A. Kirsch, to the Center for Social Value Creation and the
Robert H. Smith School of Business at University of Maryland, and to the entrepreneurs and resource people
who participated in surveys and interviews. Here’s to furthering a vibrant and dynamic social enterprise,
innovation, and socially-responsible business sector in Maryland, the mid-Atlantic region, and the nation.
Amy Kincaid, Founder and Principal, ChangeMatters, Benefit LLC
Booz Allen Hamilton Business Confidential and January 2013
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4. Research Summary
Written by MBA Student Consultants
Introduction
Maryland was the first mover in the nation to pass a Benefit Corporation law, and continues to be the only
state with a Benefit LLC option. A number of other states have followed with their own laws, and in some
cases, additional elements related to implementation. Our findings suggest that implementation of the law has
not fully differentiated the benefits of becoming a legally recognized Benefit Corporation from those of
organizations holding a B-Corps certification issued by the private nonprofit organization B Lab. The innovation
of creating an LLC option has proven to be attractive to entrepreneurs in the state, and serves now as a key
differentiator for Maryland.
The goal of this project was to provide ChangeMatters and the State of Maryland with a comprehensive
analysis of Maryland’s new Benefit Corporation/LLC companies and provide insight about the growing socially-
responsible business sector; to better understand incentives for businesses to operate as Benefit
Corporations/LLCs; to learn best practices from states that have had more tangible successes; and identify a
way to measure the legislation’s effect in the state. Throughout the analysis we worked to identify common
characteristics of participating organizations; incentives (actual or perceived) for electing to register as a
Benefit Corporation/LLC; measurable results realized by implementing organizations and/or metrics to track
impact as more data becomes available; and best practices from other states in steering similar legislations.
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5. Research Summary
Written by MBA Student Consultants
Methodology
To achieve these goals, we conducted a research study, in partnership with ChangeMatters, on the legislation
and key players, including a local and national analysis, and conducted interviews and a survey among
companies filing under the Act. We identified and analyzed the filling procedures, enforcement strategies,
incentives, and overall strengths and weaknesses of implementation, which allowed us to evaluate the
effectiveness of the legislation in its first two years. As implementation is still in its early stages, we faced
limited data, but were able to leverage expert observations and research to help frame our findings in a more
actionable way.
Key Findings
Today, organizations filling as Benefit Corporations primarily realize intangible benefits that are not entirely
aligned with the State’s expectations of the legislation’s value. Legislative framework states a dual goal that
companies filing under the act are required to implement: ―Create a general and specific public good while
maximizing the company’s profit (without sacrificing benefits of any stakeholder).‖ Organizations filling under
the act already consider that mandate as their primary founding objective, clearly stated in the companies’
vision, core values, and mission statement. Within current Maryland agencies and initiatives are opportunities
to promote a better alignment of incentives to increase the interest and involvement in the legislation, such as:
Exposure and community recognition
Visible branding opportunities (e.g., consortiums and public events)
Procurement and RFP preference, general advocacy and specialized support
Booz Allen Hamilton Business Confidential and
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6. Research Summary
Written by MBA Student Consultants
Implementation
National adoption of the Benefit Corporation Act has been an initiative of B Lab, which created the model law.
Local success of this initiative relies on the active support of government and third party entities, such as
lawyers, consultants, marketing agencies, and certification institutions. At this early stage in the legislation, an
increase in active participation of the Senate and state administrative agencies to support education,
advocacy, and implementation, by leveraging existing communication channels and third parties involved, will
help ensure Maryland’s position as an innovative and successful national leader in this evolving space. Our
findings suggest the following discussion points to guide a more active implementation network:
Discussion Points
 What existing initiatives and frameworks could support a better alignment of incentives?
– Procurement preference supporting the Benefit Corporations network
– External branding opportunities and community recognition
 How can the State leverage locally-grown innovation to formalize the audit process and and ensure
legislative success?
– Align with local certification agencies (e.g., Montgomery Country Green Business Certification)
– Enforce regular filing of benefit reports to attract impact investors to Maryland
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7. Research Summary
Written by MBA Student Consultants
Discussion Points (continued):
 Who can create consistent messaging to stakeholders, and can this be made available?
– Promote certified training and advisory documents, templates, language
– Empower and leverage centers of influence to provide specialized support for Benefit Corporations
 How can Benefit Corporations be included in the Economic Development Strategy in order to position
Maryland for innovative and sustainable economic growth?
– Support innovative, effective, and active implementation networks in the state
– Increase financial capital by highlighting Maryland to investors, who are already attracted to the state
stats for entrepreneurship (4th in fast-growing firms).
Conclusion
This first look at the Maryland Benefit Corporation Act revealed a network of innovative, passionate, engaged,
motivated, and dedicated entrepreneurs, from a wide variety of sectors. It also uncovered a network of
professionals and agencies well-positioned and ready to support these entrepreneurs. Since its bold first step
as a national leader in this movement, Maryland has continued to expand its focus on innovative,
entrepreneurial, locally-focused and sustainable initiatives. As other states rapidly follow its lead, Maryland
has the unique opportunity to leverage its existing resources to support the implementation of the Benefit
Corporation Act, and retain its position as a national leader in its successful implementation.
Megan Burkhart, Ana Castro, Adrian Sanchez
January 2013
Booz Allen Hamilton Business Confidential and
Proprietary – Internal Use Only
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8. Contents
 Introduction to the Benefit Corporation Act
 Incentives
 Implementation
 Recommendations
7

9. The evolution of a corporation’s role in Foundation of US
1819
society has evolved over two centuries Corporations
Corporations
Original sole purpose of corporations: Granted Citizen 1868
Privileges
maximizing profits for shareholders
Allocation of funds for public good considered Economic Regulations 1905-1930s
Invalidated
a form of inappropriate tax on shareholders,
with non-measurable results
New Corporate 1940s-1960s
Importance of all stakeholders rather than Regulations
just shareholders emerged; reciprocal
impact of people, planet, profit leads to Corporate Social 1970s
corporate social responsibility Responsibility Emerges
people Corporations 1980s-2000s
Experiment with CSR
planet profit
New Corporate 2010s
Structures Emerge
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10. 12 states have adopted Benefit Corporation legislation since
its introduction in 2010 – Maryland was first
State Date Passed
Maryland April 2010
Vermont May 2010
New Jersey March 2011
Virginia March 2011
Hawaii July 2011
California October 2011
Illinois August 2011
New York December 2011
Louisiana May 2012
South Carolina June 2012
Massachusetts July 2012
Pennsylvania October 2012
Washington, DC December 2012
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11. Maryland pioneered Benefit Corporation legislation, and is the
only state allowing for Benefit LLCs
Senate Bill 690 signed into law Industries Represented
MD Benefit Corporations/LLCs
October 1, 2010
Currently 39 MD companies Retail
filing under the Act 9% Food & Bev
– 23 Benefit LLCs 28%
18% Consulting
– 16 Benefit Corporations
Community
Competitive advantage: The 9% 12% Energy
LLC allowance is best suited 15% 9% Financial
for small businesses; filing Other
articles of amendment is costly
and time-consuming
Attracting a wide variety of
industries “Maryland may be at the forefront of the
transformation of capitalism. We’re certainly
becoming the Delaware of benefit corporations.”
Booz Allen Hamilton Business Confidential and - Senator Jamie Raskin, 2010
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12. Maryland Benefit Corporations represent a wide variety of
industries, suggesting cross-sector demand for legislation
Industry Food and Technology Marketing &
Energy
Beverage Consulting
Companies
Public Benefit ―…committedtopromoti
focusonhelpinghealthcare ng solutions to today’s ―providing…beneficial ―providing pro-bono
facilitiesbringfresh, biggest environmental workfornonprofitswhowo
products or services and
locallygrownorproducedfo challenges – uldotherwisenothaveacc
promoting the
odtothecommunitiestheys climatechange and air esstoquality marketing
advancement of
erve pollution.‖ and brandingservices.‖
knowledge‖
HealthyMarkets CleanCurrents
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13. Despite its early success, Maryland is no longer making
innovative strides to lead the nation in this legislation
Misalignment of incentives with participating organizations
– Goals of companies and legislation are fundamentally different
– Primary types of companies: 1) Community-focused organizations
2) Startups with a desire to make an impact
– Many corporate goals can be achieved via third-party certification rather than legislation
Low level of consistent, active implementation
– Requires active participation from all stakeholders to be successful
– Lack of understanding among the general public, investors, and potential Benefit Corporations
– Information gap at critical touch points for small businesses
Results of passive implementation in Maryland
– Diminished national recognition as an innovative leader in common good entrepreneurship
– Missed opportunities for added financial capital from impact investors
– Missed opportunities for nonprofits to transition to appropriate revenue-generating model
– ―Greenwashing‖ among filing organizations, as requirements are not fulfilled
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14. What could be considered to help the Benefit Corporation Act
become a more attractive and effective legislation?
Better Aligned Incentives
Formalized Audit Process
Consistent Messaging to Stakeholders
Inclusion in Economic Development Strategy
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15. Contents
 Introduction to the Benefit Corporation Act
 Incentives
 Implementation
 Recommendations
14

16. Organizations are primarily filing under the Act to be
recognized for their principles within their community
Reported Benefits for Filing as a Benefit Corporation/LLC
scale of 1 (strongly disagree) to 5 (strongly agree)
0 1 2 3 4
Collaboration with other Benefit
Corporations
Community Recognition
Branding as a Socially Responsible
Company
Increasing Employee Engagement
Justifying Financial Decisions to
Stakeholders
“I would rate all of the benefits a 1 or 2 since there are no
tangible benefits of becoming a benefit corporation.”
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- survey respondent
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17. Among Benefit Corporations/LLCs, there is generally no
expectation of tax incentives
―The potential financial benefit offered by the INFORMATION GAP
Benefit Corporation Act were the main drivers
 Companies concerned filing as a Benefit
of filing under this legislation‖
Corporation would make tax filings more
Strongly complicated
Agree, 0%
Agree, 12%  Centers of influence are inadequately
informed to advise small businesses on
merits of legislation
 Accountants and tax advisors require more
Strongly standards and certified documents to
Disagree, 38 advocate the legal designation to clients
Neutral, 12%
%
“To promote existing companies to
Disagree, 38 change their articles of incorporation,
% incentives must align with existing
corporate incentives.”
- Phil Stoler, Accountant
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18. Benefit Corporations/LLCs hope the Act will protect the
entity’s principles in growth phase
Protection from potential future shareholders that might
push to change the social mission of the organization
The legislation provides a good route for nonprofits to
transition to revenue-generating entities, which is
becoming more common in this economic climate
Big Bad Woof:
Protection in the case of growth or expansion Looking forward to
– Mergers: stability and sustainable growth franchise
opportunities,
– Acquisition: adaptation and acceptance of new values without knowing that
disposing of founding principles company principles
– Franchising: enforce and embrace fiduciary commitments and are protected
company core values
Alliances among Benefit Corporations/LLCs could lead
to sustainable supply chains
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19. Contents
 Introduction to the Benefit Corporation Act
 Incentives
 Implementation
 Recommendations
18

20. 19

21. Implementation Network Map
MARYLAND SENATE
BENEFIT CORPORATION ACT
Currently little
specialized support
BENEFIT CORPORATIONS
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22. Implementation Network Map
MARYLAND SENATE
State Agencies:
active advocacy, communication
BENEFIT CORPORATION ACT
Statecertifiededucation, guidance and training
LAWYERS CONSULTANTS MARKETING AGENCIES CERTIFICATIONS
Informed, specialized support
BENEFIT CORPORATIONS
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23. Few organizations are actively providing specialized services
and educational resources to Benefit Corporations
LAWYERS
CONSULTANTS
MARKETING AGENCIES
CERTIFICATIONS
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24. Benefit corporations primarily rely on word-of-mouth
information to help guide strategy and operations
Limited Specialized Services Information Gap
44% of respondents received help 25% of those respondents think the
from a third party consultant to services were useful in helping to
address social benefit goals, achieve their social benefit goals
requirements
A unified message and certified resources from the state are
recommended to engage and meet the needs of all stakeholders
– Accountants: formalized standards, quantifying components of the law.
– Lawyers: language guidance, implementation expectations for articles of incorporation
– Shareholders: expectations of Benefit Report, impact audit
– Investors: standards for impact measurement, investment decisions
– State centers of influence: advisory documents and resource guide
“Lawyers in the region need to be more
knowledgeable to help companies work
through decisions and filing requirements.”
Booz Allen Hamilton Business Confidential and
Proprietary – Internal Use Only - Andrew Kassoy, B Lab
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25. Lessons learned from first movers have influenced
implementation in other states, attracting big players
New Jersey: enforcing legal requirements
– If a benefit corporation hasn’t delivered a Benefit Report for Nationally recognized
a period of two years, the department may prepare and file a Benefit Corporations
statement that the corporation has forfeited its status as a
benefit corporation and is no longer subject to this act.
California: available specialized support
– Visible professional support for Benefit Corporations
– American Sustainable Business Council advocates for the California
law
Virginia: support for small businesses
– Visible professional support for Benefit Corporations
– Many organizations providing financial support and services
for Benefit Corporations, especially entrepreneurs
Vermont
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26. 25

27. Contents
 Introduction to the Benefit Corporation Act
 Incentives
 Implementation
 Recommendations
26

28. What could be considered to help the Benefit Corporation Act
become a more attractive and effective legislation?
Better Aligned Incentives
• Exposure and community recognition
• Visible branding opportunities: consortiums, events
• Procurement preferences, RFPs, advocacy
Formalized Audit Process
• Align with state third-party certification entities to increase awareness, relevance
of the law, and to highlight innovative state procedures (e.g., Montgomery Country
Green Business Certification)
• Enforce annual filing of Benefit Reports to highlight impact of legislation and attract
impact investors
Booz Allen Hamilton Business Confidential and
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29. What could be considered to help the Benefit Corporation Act
become a more attractive and effective legislation?
Consistent Messaging to Stakeholders
• Educate and leverage centers of influence to promote awareness, adoption
• Certify training and advisory documents, templates, language
• Design implementation plan (resource guide, in-house assistance, webinars,
business directory, high-visibility marketing, etc.)
Inclusion in Economic Development Strategy
• Current focus on innovative and entrepreneurial activities should include mention
of Benefit Corporations/LLCs
• Better implementation of legislation will help ―position Maryland for growth‖ both
internally and within the national landscape
• Highlight state statistics for entrepreneurship to attract financial capital from impact
Booz Allen Hamilton Business Confidential and
investors: first state with Benefit Corporation Act, 4th in fast-growing firms
Proprietary – Internal Use Only
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30. Acknowledgements
This report was made possible by the expert insights, information, time, resources, and suggestions of
many busy people! Our thanks especially to the many Maryland Benefit Corporations who participated
in the survey, and shared their professional vision, goals, and experiences. Each of you has played a
fundamental role in this first look at the Benefit Corporation Act in Maryland, and we thank you for your
support! A special thank you to the following people, whose guidance and expertise contributed greatly
to the framework of our research:
 Andrew Kassoy,B Lab
 James Kennefich,Working Excellence, LLC
 Michael Pirron,Impact Makers
 Laura Jordan, Lawyer
 Heather Van Dusen,B Lab
 Pennye Jones-Napier, The Big Bad Woof
 Phil Stoler, Rivlin, Lichter and Feldman
 Douglas Weisburger, Montgomery County Government
 Gary Skulnik, Clean Currents
 John Shepley, Emory Knoll Farms
 John Widrick, Ascensus Law
 Matthew Weinberg, Joshua Feira, Sarah Fielding, Kelly Marie Smith, Volunteer Advisory Board
 Guillermo Olivos, Center for Social Value Creation
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31. MBA Student Consultants
Robert H Smith School of Business
Megan Burkhart graduated Cum Laude from Florida State University, and went on to begin a
career in international development. She served as a volunteer with the US Peace Corps in
Tanzania, then later worked with USAID in Dar es Salaam. Through this work she developed a
passion for business as a catalyst for social change, which brought her to the Smith School to
pursue an MBA. At Smith, Megan serves as the Executive Vice President of the local Net
Impact chapter. Megan also works as the Financial Administrator to the DC branch of
AmaniyaJuu, an Africa-based social reconciliation and entrepreneurship project.
Ana Castro received her Bachelor’s Degree in Mechanical Engineering from the Simon Bolivar
University in Caracas Venezuela. She had the fantastic opportunity of studying abroad in
Barcelona Spain at Polytechnic Catalonia University, which allowed her to savor a different and
exciting culture. For her, every trip is a chance to embrace the uniqueness of the place, its
people and traditions. Ana's desire is to continue to reinforce the spirit of diversity and spark
cultural curiosity within the Smith community.She serves as Vice President of Marketing for
both the Latin MBA Student Association and the International MBA Association. Ana is also a
board member of the Career Strategic Council.
Adrian Sanchez landed at Smith after working in the HVAC industry as an Account Manager
for Trane in Venezuela. After gathering some experience in the sales environment, he is
looking forward to focusing his career in the business development and strategy field while
enhancing his consulting skills. At Smith, Adrian serves as a President of the Latin American
Student Association and the Professional Communication Club. He is also Graduate Assistant
in the Master Programs Office. Adrian also has excelled outside of the classroom, winning the
2012 Leadership Under Fire case competition sponsored by Net Impact and the Professional
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32. Academic Advisor
Robert H Smith School of Business
Dr. David Kirsch is Associate Professor of Management and Entrepreneurship in
the M&O Department at the University of Maryland's Robert H. Smith School of
Business. From 1996 to 2001, Kirsch held various adjunct and visiting appointments
at the Anderson Graduate School of Management, University of California, Los
Angeles. He received his PhD in history from Stanford University in 1996. His
research interests include industry emergence, technological choice, technological
failure and the role of entrepreneurship in the emergence of new industries.
In 2000 Rutgers University Press published his revised dissertation, The Electric
Vehicle and the Burden of History. His work on the early history of the automobile
industry has also been published in Business History Review and Technology and
Culture. In 2003, his co-authored article on the Electric Vehicle Company received
the IEEE Life Members Prize from the Society for the History of Technology. Kirsch
is also interested in methodological problems associated with historical scholarship
in the digital age. With the support of grants from the Alfred P. Sloan Foundation
and the Library of Congress, he is currently building a digital archive of the Dot Com
Era that will preserve at-risk, born-digital content about business and culture during
the late 1990s.
Selected materials are available to the public at www.dotcomarchive.org.
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33. Industry Advisor
ChangeMatters, Benefit LLC
Amy Kincaid is Founder and Principal of ChangeMatters, Benefit LLC, a social
enterprise consultancy that works with entrepreneurs, executives, advisors,
funders, and investors in both tax-exempt social enterprises and not-just-for-profit
socially-responsible businesses.
Amy has been responsible for securing over $66 million for nonprofit organizations
working on economic development, arts and culture, sustainability, and
international development in a range of organizations with budgets of less than
$100,000 to over $12 million and worked on several start-up organizations,
turnarounds, and collaborations between local businesses and nonprofit
organizations
Amy developed the grantmaking program for the 1st US-Soviet foundation;
worked with organizations in Russia, the Czech Republic and Slovakia, Ukraine,
Hungary, and Albania; built one of the earliest online employment listing services
(specializing in social service and social change jobs); and has presented
hundreds of times on planning, strategy, program design, turnarounds, social
enterprise, and funding.
Born and raised in Kansas City, MO in a family of main street entrepreneurs, she
now lives in a small town on the edge of Washington, DC in busy home where she
battles clutter and the tyranny of children’s sport and music schedules. Amy
serves on the Board of Directors for Pyramid Atlantic, is an exhibiting artist, and
curates an alternative gallery and performances at a local café.
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34. Partner Organizations
ChangeMatters is a Maryland-based social enterprise consultancy that works to increase the
effectiveness of both tax-exempt social enterprises and not-just-for-profit socially-responsible
businesses in the US and abroad. We are connectors, communicators, and problem solvers
with an extensive network of colleagues in the field.
ChangeMatters is the first recognized Benefit LLC, a new designation for triple-bottom line
companies that balance financial, environmental, and social change objectives.
We’re committed to strengthening healthy, vibrant, and sustainable communities where
everyone has the ability to fully participate in economic, social, and cultural development.
For more information on this report or our work, please connect:
www.changematters.com
@changemtrs
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35. Partner Organizations
The Center for Social Value Creation at the Robert H. Smith School of
Business aims to create a better world through business principles. We offer
hands-on learning opportunities, support ground-breaking research, and
collaborate across sector to help prepare the next generation of leaders. Our
goal is to infuse students with the ability to apply business principles in
creative and entrepreneurial ways that co-create economic prosperity and
social / environmental well-being. We invite you to join our journey.
For more information:
www.rhsmith.umd.edu/svc/- csvc@rhsmith.umd.edu- @creatingvalue
The Robert H. Smith School of Business is an internationally recognized
leader in management education and research. One of 12 colleges and
schools at the University of Maryland, College Park, the Smith School offers
undergraduate, full-time and part-time MBA, executive MBA, executive MS,
PhD and executive education programs, as well as outreach services to the
corporate community.
At the Smith School of Business, we set out to provide the knowledge and
thought leadership that transform students into agents of both economic
prosperity and transformative social change.
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36. Secondary Research Sources
Wall Street Journal (n.d.) With New Law, Profits Take a Back Seat. Retrieved October 12, 2012, from http://tinyurl.com/bky8yao
American Sustainable Business Council (n.d.) Promote Corporate Responsibility through Benefit Corporation Statutes. Retrieved October 12,
2012 from http://asbcouncil.org/
Kcet (n.d.) 18 Companies Register as Benefit Corporations Under New California Law. Retrieved November 1, 2012 http://tinyurl.com/b2f4dvv
The Economist (n.d.) Firms with benefits. Retrieved October 12, 2012 from http://www.economist.com/node/21542432
The Non Profit Times (n.d.) Benefit Corporation In California Meets Chill In San Francisco. Retrieved November 1, 2012 from
http://tinyurl.com/798n6dc
VentureBite (n.d.) California creates new corporation types that reward doing good. Retrieved October 21, 2012 from http://tinyurl.com/a5ffk82
BenefitCorp (n.d.) Criteria for Acceptable Third Party Standards. Retrieved October 1, 2012 http://tinyurl.com/bep9x79
Forbes (n.d.) Dealing with Trust: Why the B-Corp Legislation Offers Business a Chance to be Good Again. Retrieved Ocober 12, 2012
http://tinyurl.com/8yo4v8m
Virginia Benefit Corporations (n.d.) Everything you need to know about the new Virginia Benefit Corporation option. Retrieved Ocober 22, 2012
http://www.virginiabenefitcorporation.com/
BenefitCorp (n.d.) Global Impact Investing Ratings System. Retrieved November 1, 2012 from http://www.giirs.org./
Nj.com (n.d.) Growing community of social entrepreneurs look for ways to establish legitimacy. Retrieved November 12, 2012 from
http://tinyurl.com/aeslmft
SustainableBusiness.com (n.d.) Philadelphia First City to Offer Green Biz Tax Incentives. Retrieved October 27, 2012 from
http://tinyurl.com/a9uyqla
Virginia DBA (n.d.) Virginia Corporation asBooz Allen Hamilton Business Confidential and from http://vdba.virginia.gov/benefit_corp.shtml
Social Enterprise?. Retrieved October 22, 2012
Proprietary – Internal Use Only
Reuters blog (n.d.) The promise of B-corps. Retrieved November 1, 2012 from http://tinyurl.com/7zdaoyt
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