It doesn't feel so bad being quoted on the front page of the New York Times Business Section. I just wish the reporters paid a little more attention to the facts, namely:
- it's not a low-profit model, if you don't want it to be;
- the California State Bar's Corporations Committee and the Department of Corporations supported the Flexible Purpose Corporation; and
- California is the only state that offers the FPC and the only state that also has a Benefit Corporation statute.
Other stories on California's new statutes:
Los Angeles Times, California's new B Corp law eyes social, environmental interplay
© R. Todd Johnson, 2011. Business for Good.SM is a service mark of R. Todd Johnson. The thoughts, ideas and words expressed in this column are the property of R. Todd Johnson and may not be otherwise used or reprinted without express permission from Todd.
*Todd is a partner at the law firm of Jones Day, where he founded their Silicon Valley Office and runs their Renewable Energy and Sustainability Practice. The views expressed in this column are solely Todd’s personal views, not the views of Jones Day or its clients, and the information provided as to his affiliation with Jones Day is solely for purposes of identification and may not and should not be construed to imply endorsement or even support by Jones Day of the views expressed herein.