A Rhode Island Benefit Corporation is a type of for-profit corporation that is required by the state of Rhode Island to have a positive impact on society and the environment. It is a legal entity that allows businesses to pursue both financial gain and a "public benefit" in their operations. The benefit corporation is designed to promote corporate responsibility and sustainability by codifying in law a commitment to social and/or environmental goals. There are two types of Rhode Island Benefit Corporation: a standard benefit corporation and a public benefit corporation. A standard benefit corporation is a for-profit corporation that has registered with the state of Rhode Island as a benefit corporation, and is subject to the requirements set out in the state's Benefit Corporation Act. A public benefit corporation is a for-profit corporation that has registered with the state of Rhode Island as a public benefit corporation, and is subject to the requirements set out in the state's Public Benefit Corporation Act. Both types of benefit corporations must file Annual Benefit Reports with the state, detailing how the corporation has met its stated social and/or environmental goals.
Rhode Island Benefit Corporation
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Rhode Island, officially The State of Rhode Island, constituent state of the United States of America. It was one of the original 13 states and is one of the six New England states.
Rhode Island is known for making silverware and fine jewelry. The world's largest bug is on the roof of New England Pest Control in Providence.
Rhode Island is known for making silverware and fine jewelry. The world's largest bug is on the roof of New England Pest Control in Providence. It's a big blue termite, 58 feet long and 928 times actual termite size.
Today, major Rhode Island industries include biomedicine, defense shipbuilding and maritime products and manufacturing.
The Ocean State low crime rate, top quality education, affordable housing, and natural beauty makes it one of the best places to live in the country. If you love festivals and events, great tasty food, sports, and an eco-friendly environment, moving to Rhode Island is perfect for you.
Chapter 238 of the Acts of 2012 recently authorized a new type of entity which will be administered by our Division: the Benefit Corporation. Entities may incorporate as benefit corporations or may convert to benefit corporation status effective December 1, 2012.
Rhode Island's landscape is quite flat; it has no real mountains. The state's highest natural point is Jerimoth Hill at 247 m (812 feet) above sea level within the New England Upland in Western Rhode Island.
Benefit corporations are different from traditional corporations in regards to their purpose, accountability and transparency. The purpose of a benefit corporation is to create general public benefit, which is defined as a material positive impact on society and the environment.