Earlier this year, New York became the seventh state to recognize an interesting new category of business: the “benefit corporation.”
Unlike the typical for-profit corporation, which must be run to maximize shareholder profits, the benefit corporation is explicitly enabled to balance its profit-maximization objective with some other “public benefit” of its choosing. The statute sets forth a list of qualifying “public benefits,” which includes a variety of worthwhile causes. Conspiciously absent from this list is anything having to do with religion.
