Conn. seeks to spur 'social benefit' businesses - New York News

Conn. seeks to spur 'social benefit' businesses

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Connecticut News Connecticut News
By STEPHEN SINGER

HARTFORD, Conn. (AP) - Connecticut is trying again to rework state law allowing business owners to organize companies using alternative business models seeking social change rather than focusing solely on boosting profit.

The legislature's Commerce Committee has scheduled a hearing on Tuesday, three weeks before the start of the 2014 session, to consider legislation that would allow business owners to establish so-called "benefit corporations." Similar legislation failed last year and in 2012. Lawmakers and advocates believe they have a good chance to pass a measure before the legislature adjourns in May.

Benefit corporations, or B-corps, are intended to allow a portion of a company's profit to be used for social purposes such as promoting the arts, protecting the environment or reducing poverty, without fear of shareholder lawsuits.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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