Silver-Squadron Bill Allowing Businesses to Pursue Socially Responsible Practices as well as Profit Became Law Today
Businesses Line Up to Become First Benefit Corps in the State
NEW YORK – State Senator Daniel Squadron, Assembly Speaker Sheldon Silver, and Secretary of State Cesar Perales today welcomed New York's first benefit corporations, as legislation allowing businesses to pursue socially responsible practices as well as profit went into effect. Secretary Perales accepted the paperwork to register the businesses as New York’s first benefit corporations.
The Squadron-Silver legislation (S79-A/A4692-A), signed into law in December, makes New York the seventh state in the country to allow benefit corps, which are companies that have a “double bottom line” of profit and socially or environmentally responsible practices.