maryland benefit corporations analysis full report

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Booz Allen Hamilton Business Confidential and Proprietary – Internal Use Only

Smith School of BusinessJanuary 2013

Maryland Benefit Corporation ActThe State of Social Enterprise in Maryland

Prepared by MBA Consultants Megan Burkhart, Ana Castro, Adrian Sanchez

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It seems like not a week goes by without someone asking me: How many benefit corporations are there? What kinds of businesses do it, and why? I can answer only anecdotally, in my opinion, and in my own experience as a Benefit LLC because, I explain, this is all still so new, we just don’t really know for sure. About a year ago, Guillermo Olivos, Assistant Director of University of Maryland’s Center for Social Value Creation asked me these questions between sessions at their annual conference. He and I got to talking about what a shame it was that there didn’t seem to be any system set up to track basic data on the companies set up under these new laws establishing new corporate structures for environmentally and socially responsible businesses. Without some baseline soon, we thought, it would be hard to figure out answers in the future to more meaningful questions such as are these companies growing and good for neighborhood economies, does the legal structure help or hurt companies, are the numbers growing, what difference do they make to local economies or state revenue, are they enriching and enhancing community development? Maybe, Guillermo said, we could do a study project. So, over the summer, we came up with the framework for a discrete and relatively modest semester project to gather information from and about the benefit companies and analyze implementation of the laws so far. He recruited three University of Maryland MBA students: Megan Burkhart, Ana Castro, and Adrian Sanchez. I set out general questions and inquiry areas, provided leads and links to resource people and information, but then stepped out of the students’ way. The investigation and analysis are theirs. The result is this report—the first investigation of the Benefit Corporations and Companies filing in the first two years in the first state that passed the laws.

ForwardWritten by Amy Kincaid of ChangeMatters

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My own view is that the laws establishing Benefit Corporations and Benefit LLCs are part of a larger movement toward conscious capitalism; “common good enterprise,” or balanced business leadership. My consulting firm, ChangeMatters, works exclusively in this area to provide planning, training, and funding assistance. We work with common good enterprises that have traditional, benefit, and nonprofit structures. Currently, we have clients and projects from Maryland to Mississippi, even Mozambique. The alliteration just a coincidence, but the projects each connect enterprise to community economic development. My goal is to promote positive, sustaining community and economic development through increased social enterprise and socially responsible small business. The leadership demonstrated by the state of Maryland, in stepping out front to try new corporate forms, can be extended and enhanced, and can make a difference in building more sustainable - and community-sustaining - local enterprise. I believe this will happen best as more is done via the private sector working with state government to fill in the gaps of responsibility, accountability, connectivity, strategy, and funding. This report represents a modest first step towards setting baseline data and providing analysis of the initial implementation. My hope is that this the report offers insight to this exciting and evolving economic field. I am grateful to the research team, to their advisor David A. Kirsch, to the Center for Social Value Creation and the Robert H. Smith School of Business at University of Maryland, and to the entrepreneurs and resource people who participated in surveys and interviews. Here’s to furthering a vibrant and dynamic social enterprise, innovation, and socially-responsible business sector in Maryland, the mid-Atlantic region, and the nation.

Amy Kincaid, Founder and Principal, ChangeMatters, Benefit LLCJanuary 2013

ForwardWritten by Amy Kincaid of ChangeMatters

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Introduction

Maryland was the first mover in the nation to pass a Benefit Corporation law, and continues to be the only state with a Benefit LLC option. A number of other states have followed with their own laws, and in some cases, additional elements related to implementation. Our findings suggest that implementation of the law has not fully differentiated the benefits of becoming a legally recognized Benefit Corporation from those of organizations holding a B-Corps certification issued by the private nonprofit organization B Lab. The innovation of creating an LLC option has proven to be attractive to entrepreneurs in the state, and serves now as a key differentiator for Maryland.

The goal of this project was to provide ChangeMatters and the State of Maryland with a comprehensive analysis of Maryland’s new Benefit Corporation/LLC companies and provide insight about the growing socially-responsible business sector; to better understand incentives for businesses to operate as Benefit Corporations/LLCs; to learn best practices from states that have had more tangible successes; and identify a way to measure the legislation’s effect in the state. Throughout the analysis we worked to identify common characteristics of participating organizations; incentives (actual or perceived) for electing to register as a Benefit Corporation/LLC; measurable results realized by implementing organizations and/or metrics to track impact as more data becomes available; and best practices from other states in steering similar legislations.

Research SummaryWritten by MBA Student Consultants

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Methodology

To achieve these goals, we conducted a research study, in partnership with ChangeMatters, on the legislation and key players, including a local and national analysis, and conducted interviews and a survey among companies filing under the Act. We identified and analyzed the filling procedures, enforcement strategies, incentives, and overall strengths and weaknesses of implementation, which allowed us to evaluate the effectiveness of the legislation in its first two years. As implementation is still in its early stages, we faced limited data, but were able to leverage expert observations and research to help frame our findings in a more actionable way.

Key Findings

Today, organizations filling as Benefit Corporations primarily realize intangible benefits that are not entirely aligned with the State’s expectations of the legislation’s value. Legislative framework states a dual goal that companies filing under the act are required to implement: “Create a general and specific public good while maximizing the company’s profit (without sacrificing benefits of any stakeholder).” Organizations filling under the act already consider that mandate as their primary founding objective, clearly stated in the companies’ vision, core values, and mission statement. Within current Maryland agencies and initiatives are opportunities to promote a better alignment of incentives to increase the interest and involvement in the legislation, such as:

Exposure and community recognition

Visible branding opportunities (e.g., consortiums and public events)

Procurement and RFP preference, general advocacy and specialized support


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Implementation

National adoption of the Benefit Corporation Act has been an initiative of B Lab, which created the model law. Local success of this initiative relies on the active support of government and third party entities, such as lawyers, consultants, marketing agencies, and certification institutions. At this early stage in the legislation, an increase in active participation of the Senate and state administrative agencies to support education, advocacy, and implementation, by leveraging existing communication channels and third parties involved, will help ensure Maryland’s position as an innovative and successful national leader in this evolving space. Our findings suggest the following discussion points to guide a more active implementation network:

Discussion Points

What existing initiatives and frameworks could support a better alignment of incentives?– Procurement preference supporting the Benefit Corporations network– External branding opportunities and community recognition

How can the State leverage locally-grown innovation to formalize the audit process and and ensure legislative success?– Align with local certification agencies (e.g., Montgomery Country Green Business Certification) – Enforce regular filing of benefit reports to attract impact investors to Maryland


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Discussion Points (continued):

Who can create consistent messaging to stakeholders, and can this be made available?– Promote certified training and advisory documents, templates, language– Empower and leverage centers of influence to provide specialized support for Benefit Corporations

How can Benefit Corporations be included in the Economic Development Strategy in order to position Maryland for innovative and sustainable economic growth?– Support innovative, effective, and active implementation networks in the state– Increase financial capital by highlighting Maryland to investors, who are already attracted to the state

stats for entrepreneurship (4th in fast-growing firms).

Conclusion

This first look at the Maryland Benefit Corporation Act revealed a network of innovative, passionate, engaged, motivated, and dedicated entrepreneurs, from a wide variety of sectors. It also uncovered a network of professionals and agencies well-positioned and ready to support these entrepreneurs. Since its bold first step as a national leader in this movement, Maryland has continued to expand its focus on innovative, entrepreneurial, locally-focused and sustainable initiatives. As other states rapidly follow its lead, Maryland has the unique opportunity to leverage its existing resources to support the implementation of the Benefit Corporation Act, and retain its position as a national leader in its successful implementation.

Megan Burkhart, Ana Castro, Adrian SanchezJanuary 2013


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Contents

Introduction to the Benefit Corporation Act

Incentives

Implementation

Recommendations

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The evolution of a corporation’s role in society has evolved over two centuries

Original sole purpose of corporations: maximizing profits for shareholders

Allocation of funds for public good considered a form of inappropriate tax on shareholders, with non-measurable results

Importance of all stakeholders rather than just shareholders emerged; reciprocal impact of people, planet, profit leads to corporate social responsibility

1819Foundation of US Corporations

Corporations Granted Citizen

Privileges1868

Economic Regulations Invalidated

1905-1930s

1940s-1960s

New Corporate Regulations

1970sCorporate Social Responsibility Emerges

2010sNew Corporate Structures Emerge

1980s-2000s

Corporations Experiment with CSR

people

profitplanet

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12 states have adopted Benefit Corporation legislation since its introduction in 2010 – Maryland was first

State Date Passed

Maryland April 2010

Vermont May 2010

New Jersey March 2011

Virginia March 2011

Hawaii July 2011

California October 2011

Illinois August 2011

New York December 2011

Louisiana May 2012

South Carolina June 2012

Massachusetts July 2012

Pennsylvania October 2012

Washington, DC

December 2012

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Maryland pioneered Benefit Corporation legislation, and is the only state allowing for Benefit LLCs

Senate Bill 690 signed into law October 1, 2010

Currently 39 MD companies filing under the Act– 23 Benefit LLCs– 16 Benefit Corporations

Competitive advantage: The LLC allowance is best suited for small businesses; filing articles of amendment is costly and time-consuming

Attracting a wide variety of industries

“Maryland may be at the forefront of the transformation of capitalism. We’re certainly becoming the Delaware of benefit corporations.”

- Senator Jamie Raskin, 2010

9%

18%

12%

9%15%

9%

27%

Industries RepresentedMD Benefit Corporations/LLCs

RetailFood & BevConsultingCommunityEnergyFinancialOther

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Food and Beverage

Energy

Companies

Public Benefit

“providing…beneficial products or services and promoting the advancement of knowledge”

Vera Solutions

Industry

“providing pro-bono work for nonprofits who would otherwise not have access to quality marketing and branding services.”

Substance 151

Marketing & Consulting

“…committed to promoting solutions to today’s biggest environmental challenges – climate change and air pollution.”

Clean Currents

focus on helping healthcare facilities bring fresh, locally grown or produced food to the communities they serve

Healthy Markets

Maryland Benefit Corporations represent a wide variety of industries, suggesting cross-sector demand for legislation

Technology

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Despite its early success, Maryland is no longer making innovative strides to lead the nation in this legislation

Misalignment of incentives with participating organizations– Goals of companies and legislation are fundamentally different– Primary types of companies: 1) Community-focused organizations

2) Startups with a desire to make an impact– Many corporate goals can be achieved via third-party certification rather than legislation

Low level of consistent, active implementation– Requires active participation from all stakeholders to be successful– Lack of understanding among the general public, investors, and potential Benefit Corporations– Information gap at critical touch points for small businesses

Results of passive implementation in Maryland– Diminished national recognition as an innovative leader in common good entrepreneurship– Missed opportunities for added financial capital from impact investors– Missed opportunities for nonprofits to transition to appropriate revenue-generating model– “Greenwashing” among filing organizations, as requirements are not fulfilled

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What could be considered to help the Benefit Corporation Act become a more attractive and effective legislation?

Better Aligned Incentives

Formalized Audit Process

Consistent Messaging to Stakeholders

Inclusion in Economic Development Strategy

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Contents


Incentives

Implementation

Recommendations

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Organizations are primarily filing under the Act to be recognized for their principles within their community

“I would rate all of the benefits a 1 or 2 since there are no tangible benefits of becoming a benefit corporation.”

- survey respondent

Collaboration with other Benefit Corporations

Community Recognition

Branding as a Socially Responsible Company

Increasing Employee Engagement

Justifying Financial Decisions to Stakeholders

0 0.5 1 1.5 2 2.5 3 3.5 4

Reported Benefits for Filing as a Benefit Corporation/LLC scale of 1 (strongly disagree) to 5 (strongly agree)

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Among Benefit Corporations/LLCs, there is generally no expectation of tax incentives

Agree; 12%

Neutral; 12%

Disagree; 38%

Strongly Disagree;

38%

“The potential financial benefit offered by the Benefit Corporation Act were the main drivers of filing under this legislation”

“To promote existing companies to change their articles of incorporation, incentives must align with existing corporate incentives.”

- Phil Stoler, Accountant

INFORMATION GAP

Companies concerned filing as a Benefit Corporation would make tax filings more complicated

Centers of influence are inadequately informed to advise small businesses on merits of legislation

Accountants and tax advisors require more standards and certified documents to advocate the legal designation to clients

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Benefit Corporations/LLCs hope the Act will protect the entity’s principles in growth phase

Protection from potential future shareholders that might push to change the social mission of the organization

The legislation provides a good route for nonprofits to transition to revenue-generating entities, which is becoming more common in this economic climate

Protection in the case of growth or expansion– Mergers: stability and sustainable growth– Acquisition: adaptation and acceptance of new values without

disposing of founding principles– Franchising: enforce and embrace fiduciary commitments and

company core values

Alliances among Benefit Corporations/LLCs could lead to sustainable supply chains

Big Bad Woof: Looking forward to

franchise opportunities, knowing that

company principles are protected

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Contents


Incentives

Implementation

Recommendations

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Companies are required to file an annual Benefit Report, and adhere to third-party impact measurement standards

Components of a Benefit Report– Activities and progress implementing public benefit initiative(s)– Assessment of overall social and environmental performance, measured against a third-party

standard “developed by a person or entity that is independent of the benefit corporation, and transparent [in its audit]” - subtitle 6C(1)(E)

Third-party standards for measurement selected by organization

Rate of compliance is low– Very few companies posting Benefit Report online– Risk of “greenwashing” with passive implementation

“How do we measure or quantify success if there are no tangible benefits?”

- survey respondent

Yes30%

No70%

Internal System to Measure Social Impact?

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Implementation Network Map

MARYLAND SENATE

BENEFIT CORPORATION ACT

BENEFIT CORPORATIONS

Currently little specialized support

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Implementation Network Map

MARYLAND SENATE

BENEFIT CORPORATION ACT

LAWYERS CONSULTANTS MARKETING AGENCIES CERTIFICATIONS

State certified education, guidance and training

State Agencies: active advocacy, communication

BENEFIT CORPORATIONS

Informed, specialized support

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Few organizations are actively providing specialized services and educational resources to Benefit Corporations

LAWYERS

CONSULTANTS

MARKETING AGENCIES

CERTIFICATIONS

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Information Gap

25% of those respondents think the services were useful in helping to achieve their social benefit goals

Benefit corporations primarily rely on word-of-mouth information to help guide strategy and operations

A unified message and certified resources from the state are recommended to engage and meet the needs of all stakeholders– Accountants: formalized standards, quantifying components of the law. – Lawyers: language guidance, implementation expectations for articles of incorporation– Shareholders: expectations of Benefit Report, impact audit– Investors: standards for impact measurement, investment decisions– State centers of influence: advisory documents and resource guide

“Lawyers in the region need to be more knowledgeable to help companies work through decisions and filing requirements.”

- Andrew Kassoy, B Lab

Limited Specialized Services

44% of respondents received help from a third party consultant to address social benefit goals,

requirements

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Lessons learned from first movers have influenced implementation in other states, attracting big players

New Jersey: enforcing legal requirements– If a benefit corporation hasn’t delivered a Benefit Report for

a period of two years, the department may prepare and file a statement that the corporation has forfeited its status as a benefit corporation and is no longer subject to this act.

California: available specialized support– Visible professional support for Benefit Corporations– American Sustainable Business Council advocates for the

law

Virginia: support for small businesses– Visible professional support for Benefit Corporations– Many organizations providing financial support and services

for Benefit Corporations, especially entrepreneurs

California

Vermont

Nationally recognized Benefit Corporations

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Most notable potential next-movers on legislation are Delaware and Washington, DC

• Close to a million business entities have made Delaware their legal home.

• Delaware has the nation’s most advanced and flexible corporation statuses

• Delaware legislation is a priority for B Labs, targeting high-growth companies

Delaware District of Columbia

• Opportunities to do business with the government

• Many benefit-focused organizations may choose to incorporate in DC

• Legislation recently passed to allow for Benefit Corporations in DC

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Contents


Incentives

Implementation

Recommendations

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Better Aligned Incentives

Formalized Audit Process

• Exposure and community recognition

• Visible branding opportunities: consortiums, events

• Procurement preferences, RFPs, advocacy

• Align with state third-party certification entities to increase awareness, relevance of the law, and to highlight innovative state procedures (e.g., Montgomery Country Green Business Certification)

• Enforce annual filing of Benefit Reports to highlight impact of legislation and attract impact investors


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• Educate and leverage centers of influence to promote awareness, adoption

• Certify training and advisory documents, templates, language

• Design implementation plan (resource guide, in-house assistance, webinars, business directory, high-visibility marketing, etc.)

• Current focus on innovative and entrepreneurial activities should include mention of Benefit Corporations/LLCs

• Better implementation of legislation will help “position Maryland for growth” both internally and within the national landscape

• Highlight state statistics for entrepreneurship to attract financial capital from impact investors: first state with Benefit Corporation Act, 4th in fast-growing firms

Consistent Messaging to Stakeholders

Inclusion in Economic Development Strategy


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Acknowledgements

This report was made possible by the expert insights, information, time, resources, and suggestions of many busy people! Our thanks especially to the many Maryland Benefit Corporations who participated in the survey, and shared their professional vision, goals, and experiences. Each of you has played a fundamental role in this first look at the Benefit Corporation Act in Maryland, and we thank you for your support! A special thank you to the following people, whose guidance and expertise contributed greatly to the framework of our research:

Andrew Kassoy, B Lab James Kennefich, Working Excellence, LLC Michael Pirron, Impact Makers Laura Jordan, Lawyer Heather Van Dusen, B Lab Pennye Jones-Napier, The Big Bad Woof Phil Stoler, Rivlin, Lichter and Feldman Douglas Weisburger, Montgomery County Government Gary Skulnik, Clean Currents John Shepley, Emory Knoll Farms John Widrick, Ascensus Law Matthew Weinberg, Joshua Feira, Sarah Fielding, Kelly Marie Smith, Volunteer Advisory Board Guillermo Olivos, Center for Social Value Creation

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MBA Student ConsultantsRobert H Smith School of Business

Megan Burkhart graduated Cum Laude from Florida State University, and went on to begin a career in international development. She served as a volunteer with the US Peace Corps in Tanzania, then later worked with USAID in Dar es Salaam. Through this work she developed a passion for business as a catalyst for social change, which brought her to the Smith School to pursue an MBA. At Smith, Megan serves as the Executive Vice President of the local Net Impact chapter. Megan also works as the Financial Administrator to the DC branch of Amani ya Juu, an Africa-based social reconciliation and entrepreneurship project.

Ana Castro received her Bachelor’s Degree in Mechanical Engineering from the Simon Bolivar University in Caracas Venezuela. She had the fantastic opportunity of studying abroad in Barcelona Spain at Polytechnic Catalonia University, which allowed her to savor a different and exciting culture. For her, every trip is a chance to embrace the uniqueness of the place, its people and traditions. Ana's desire is to continue to reinforce the spirit of diversity and spark cultural curiosity within the Smith community. She serves as Vice President of Marketing for both the Latin MBA Student Association and the International MBA Association. Ana is also a board member of the Career Strategic Council.

Adrian Sanchez landed at Smith after working in the HVAC industry as an Account Manager for Trane in Venezuela. After gathering some experience in the sales environment, he is looking forward to focusing his career in the business development and strategy field while enhancing his consulting skills. At Smith, Adrian serves as a President of the Latin American Student Association and the Professional Communication Club. He is also Graduate Assistant in the Master Programs Office. Adrian also has excelled outside of the classroom, winning the 2012 Leadership Under Fire case competition sponsored by Net Impact and the Professional Communications Club.

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Academic Advisor Robert H Smith School of Business

Dr. David Kirsch is Associate Professor of Management and Entrepreneurship in the M&O Department at the University of Maryland's Robert H. Smith School of Business. From 1996 to 2001, Kirsch held various adjunct and visiting appointments at the Anderson Graduate School of Management, University of California, Los Angeles. He received his PhD in history from Stanford University in 1996. His research interests include industry emergence, technological choice, technological failure and the role of entrepreneurship in the emergence of new industries.

In 2000 Rutgers University Press published his revised dissertation, The Electric Vehicle and the Burden of History. His work on the early history of the automobile industry has also been published in Business History Review and Technology and Culture. In 2003, his co-authored article on the Electric Vehicle Company received the IEEE Life Members Prize from the Society for the History of Technology. Kirsch is also interested in methodological problems associated with historical scholarship in the digital age. With the support of grants from the Alfred P. Sloan Foundation and the Library of Congress, he is currently building a digital archive of the Dot Com Era that will preserve at-risk, born-digital content about business and culture during the late 1990s.

Selected materials are available to the public at www.dotcomarchive.org.

http://www.dotcomarchive.org/

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Amy Kincaid is Founder and Principal of ChangeMatters, Benefit LLC, a social enterprise consultancy that works with entrepreneurs, executives, advisors, funders, and investors in both tax-exempt social enterprises and not-just-for-profit socially-responsible businesses.

Amy has been responsible for securing over $66 million for nonprofit organizations working on economic development, arts and culture, sustainability, and international development in a range of organizations with budgets of less than $100,000 to over $12 million and worked on several start-up organizations, turnarounds, and collaborations between local businesses and nonprofit organizations

Amy developed the grantmaking program for the 1st US-Soviet foundation; worked with organizations in Russia, the Czech Republic and Slovakia, Ukraine, Hungary, and Albania; built one of the earliest online employment listing services (specializing in social service and social change jobs); and has presented hundreds of times on planning, strategy, program design, turnarounds, social enterprise, and funding.

Born and raised in Kansas City, MO in a family of main street entrepreneurs, she now lives in a small town on the edge of Washington, DC in busy home where she battles clutter and the tyranny of children’s sport and music schedules. Amy serves on the Board of Directors for Pyramid Atlantic, is an exhibiting artist, and curates an alternative gallery and performances at a local café.

Industry Advisor ChangeMatters, Benefit LLC

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Partner Organizations

ChangeMatters is a Maryland-based social enterprise consultancy that works to increase the effectiveness of both tax-exempt social enterprises and not-just-for-profit socially-responsible businesses in the US and abroad. We are connectors, communicators, and problem solvers with an extensive network of colleagues in the field.

ChangeMatters is the first recognized Benefit LLC, a new designation for triple-bottom line companies that balance financial, environmental, and social change objectives.

We’re committed to strengthening healthy, vibrant, and sustainable communities where everyone has the ability to fully participate in economic, social, and cultural development.

For more information on this report or our work, please connect:www.changematters.com@changemtrs

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Partner Organizations

The Center for Social Value Creation at the Robert H. Smith School of Business aims to create a better world through business principles. We offer hands-on learning opportunities, support ground-breaking research, and collaborate across sector to help prepare the next generation of leaders. Our goal is to infuse students with the ability to apply business principles in creative and entrepreneurial ways that co-create economic prosperity and social / environmental well-being. We invite you to join our journey.

For more information: www.rhsmith.umd.edu/svc/ - [email protected] - @creatingvalue

The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and part-time MBA, executive MBA, executive MS, PhD and executive education programs, as well as outreach services to the corporate community.

At the Smith School of Business, we set out to provide the knowledge and thought leadership that transform students into agents of both economic prosperity and transformative social change.

For more information:www.rhsmith.umd.edu - @SmithSchool

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Secondary Research SourcesWall Street Journal (n.d.) With New Law, Profits Take a Back Seat. Retrieved October 12, 2012, from http://tinyurl.com/bky8yao

American Sustainable Business Council (n.d.) Promote Corporate Responsibility through Benefit Corporation Statutes. Retrieved October 12, 2012 from http://asbcouncil.org/

Kcet (n.d.) 18 Companies Register as Benefit Corporations Under New California Law. Retrieved November 1, 2012 http://tinyurl.com/b2f4dvv

The Economist (n.d.) Firms with benefits. Retrieved October 12, 2012 from http://www.economist.com/node/21542432

The Non Profit Times (n.d.) Benefit Corporation In California Meets Chill In San Francisco. Retrieved November 1, 2012 from http://tinyurl.com/798n6dc

VentureBite (n.d.) California creates new corporation types that reward doing good. Retrieved October 21, 2012 from http://tinyurl.com/a5ffk82

BenefitCorp (n.d.) Criteria for Acceptable Third Party Standards. Retrieved October 1, 2012 http://tinyurl.com/bep9x79

Forbes (n.d.) Dealing with Trust: Why the B-Corp Legislation Offers Business a Chance to be Good Again. Retrieved Ocober 12, 2012 http://tinyurl.com/8yo4v8m

Virginia Benefit Corporations (n.d.) Everything you need to know about the new Virginia Benefit Corporation option. Retrieved Ocober 22, 2012 http://www.virginiabenefitcorporation.com/

BenefitCorp (n.d.) Global Impact Investing Ratings System. Retrieved November 1, 2012 from http://www.giirs.org./

Nj.com (n.d.) Growing community of social entrepreneurs look for ways to establish legitimacy. Retrieved November 12, 2012 from http://tinyurl.com/aeslmft

SustainableBusiness.com (n.d.) Philadelphia First City to Offer Green Biz Tax Incentives. Retrieved October 27, 2012 from http://tinyurl.com/a9uyqla

Virginia DBA (n.d.) Virginia Corporation as Social Enterprise?. Retrieved October 22, 2012 from http://vdba.virginia.gov/benefit_corp.shtml

Reuters blog (n.d.) The promise of B-corps. Retrieved November 1, 2012 from http://tinyurl.com/7zdaoyt

http://tinyurl.com/bky8yao

http://asbcouncil.org/

http://tinyurl.com/b2f4dvv

http://www.economist.com/node/21542432

http://tinyurl.com/798n6dc

http://tinyurl.com/a5ffk82

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http://tinyurl.com/8yo4v8m

http://www.virginiabenefitcorporation.com/

http://www.giirs.org./

http://tinyurl.com/aeslmft

http://tinyurl.com/a9uyqla

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maryland benefit corporations analysis full report

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