House Bill 1510 will allow for the formation of Benefit Corporations. This type of entity is a company that has a specified intent to benefit the public good as written in the Articles of Incorporation. The bill specifies the following public benefits:
“(A) Providing low-income or underserved individuals or communities with beneficial products or services;
(B) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
(C) Preserving the environment;
(D) Improving human health;
(E) Promoting the arts, sciences, or advancement of knowledge;
(F) Increasing the flow of capital to entities with a public benefit purpose; and
(G) Conferring any other particular benefit on society or the environment;”
For more information, see the link to the House Bill below.
http://www.arkleg.state.ar.us/assembly/2013/2013R/Acts/Act1388.pdf