Squadron and Silver: New Type of Corporation Will Unlock Billions in Investments for New York, Change the Way New York Does Business
ALBANY – Last night, State Senator Daniel Squadron and Assembly Speaker Sheldon Silver’s bill to bring benefit corporations to New York was signed into law by Governor Cuomo, changing the way New York does business.
Benefit corporations will create a new industry of corporations with a "double bottom line" of profit and socially-responsible practices – unlocking billions in potential investments in companies that pursue a positive material impact on society and the environment.
"Benefit corporations will mean New York is open for business in an important new way. Benefit corporations will unlock billions of dollars in new investments in New York while empowering companies to do well and do good,” said Senator Squadron. “By offering this opportunity to entrepreneurs and investors, New York will bring new businesses into the state, new investors into the market and a new socially-minded approach for our entrepreneurs. I'd like to thank Speaker Silver for championing this bill in the Assembly, and Governor Cuomo for making benefit corporations law and making New York's economy stronger, more innovative, and more diverse."