Articles of Incorporation — Washington Social Purpose Corporation is a document that is filed with the Washington Secretary of State to legally form a Washington Social Purpose Corporation. This document outlines the purpose, structure, and regulations of the corporation, including the company name, registered office address, and the number of initial directors of the corporation. It also details the specific social purpose of the corporation, which is a mission or set of activities that are intended to benefit a specific segment of society or the community as a whole. There are two types of Articles of Incorporation — Washington Social Purpose Corporation: Form SS-1 and Form SS-2. Form SS-1 is used to register a Washington Social Purpose Corporation which will have charitable purposes, while Form SS-2 is used to register a Washington Social Purpose Corporation which will have a non-charitable social purpose.
Articles of Incorporation - Washington Social Purpose Corporation
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A social purpose corporation (SPC) is a type of for-profit entity, a corporation, in some U.S. states that enables, but does not require, considering social or environmental issues in decision making. SPCs are similar to benefit corporations (B corporations) and flexible purpose corporations (FPCs).
What Is a California Social Purpose Corporation (SPC)? The SPC is one of two special corporation types in California that provide alternative forms for entrepreneurs who want to build businesses that pursue both profitability and broader social or environmental goals (the other is California's Benefit Corporation).
The primary difference of a SPC from a Benefit Corporation is that a SPC's directors are permitted to consider the social and environmental impact of corporate decisions, but are not required to do so. This means more flexibility and discretion in the hands of the board of directors of a SPC.
A social purpose corporation (SPC) is a type of for-profit corporation in Washington State and some other US states. For would-be organizations, this style of corporation may be preferred over a nonprofit one. Think of a social purpose corporation as a hybrid between a traditional for-profit company and a nonprofit.
In particular, a social purpose corporation must pursue or create one or more public benefits. These public benefits can be very specific. Conversely, a benefit corporation is formed to pursue a general public benefit. Nevertheless, a benefit corporation may still adopt additional specific public benefits.
A social purpose corporation (SPC) is a type of for-profit entity, a corporation, in some U.S. states that enables, but does not require, considering social or environmental issues in decision making. SPCs are similar to benefit corporations (B corporations) and flexible purpose corporations (FPCs).
Social Purpose Corporations are formed by filing Articles of Incorporation with the California Secretary of State. Certain language must be included in the Articles in order to create a Social Purpose Corporation. Social Purpose Corporations should also have bylaws which outline the mission or purpose of the company.