This subchapter applies to all public benefit corporations, as defined in § 362 of this title. Delaware Public Benefit Corporation Practice Note By Frederick H. Alexander, Melissa A. DiVincenzo, Eric S. Klinger-Wilensky 11.30.16. The Certificate of Incorporation of a Delaware Public Benefit Corporation must clearly state that the entity is a public benefit corporation, and it must also list the company’s benevolent objectives. Benefit Report. § 362. The fee to file the Certificate is $89; the a minimum of View All. for a Public Benefit Corporation . A “public benefit corporation,” according to the Delaware General Corporation Law, “is a for-profit corporation…that is intended to produce a public benefit…and to operate in a responsible and sustainable manner. Public benefit corporation defined; contents of certificate of incorporation. PBCs have a critical role to play in the twenty-first century economy. Common Misconceptions. The PBC Guidebook is the first comprehensive treatment of Delaware’s new provisions. As defined under the statute, a “public benefit corporation” is a for-profit corporation that is intended to produce a public benefit or public benefits and to operate in a responsible and sustainable manner. Note that these documents are intended only for US companies incorporating in Delaware as a public benefit corporation. You have a clear social or environmental public benefit purpose. What must the Benefit Report include? (a) A public benefit corporation is a for-profit corporation organized under and subject to the requirements of this chapter that is intended to produce a public benefit or public benefits and to operate in a responsible and sustainable manner. If you’re an entrepreneur considering incorporating as or converting into a Delaware Public Benefit Corporation (), the following five-part test may be helpful in determining whether it is the right choice of entity.. 1. The greater good pursued by a PBC might be related to the environment, society, or the world at large. The Model Act requires a benefit corporation to have as a purpose the creation of a general public benefit. Public benefit corporation legislation was enacted in Delaware in 2013. Misconception: Benefit corporations and Certified B Corps are the same thing The Delaware Public Benefit Corporation Provisions. Dear Sir or Madam: Enclosed please find a form for a Certificate of corporation In for a Public Benefit Corporation to be filed in accordance with Sections 102 and 362of the General Corporation Law of the State of Delaware. A Delaware Public Benefit Corporation (PBC), also known as a social purpose corporation, is a corporation designed to consider social purposes and moral and ethical considerations in determining the path of the business. At least every two years, a Delaware Public Benefit Corporation must provide its stockholders with a report on the company’s promotion of the public benefit specified in its charter and the interests of those affected by the company’s actions. It is a for-profit business that has a stated “public interest” purpose set out in its certificate of incorporation to allow for a purpose beyond maximizing profit for stockholders. A Public Benefit Corporation (“PBC”) in Delaware, which some refer to as a B-corporation, is a new type of corporate structure. Specific benefit requirement – Delaware requires a public benefit corporation (PBC) to have as a purpose the promotion of a specific public benefit, which must be set forth in its certificate of incorporation. Important: To generate public benefit corporation documents, select “Public Benefit Corporation” when asked to select the type of corporation on the second page. Learn more about public benefit corporations in our articles: the creation of Delaware public benefit corporations in 2013, and since then, hundreds of PBCs have been formed in Delaware.