According to Nevada bill AB 89, Benefit Corporations will be allowed effective January 1, 2014. While a “for-profit” corporation has a fiduciary duty to its shareholders, a benefit corporation is formed to pursue either a general or specific public good as set forth in the articles of incorporation. This type of corporation still has a fiduciary duty to the shareholders, but also a duty to carry out the particular benefit describer in the articles. The public benefit must be something that has an impact on society or the environment as determined by a third party standard. A company can elect to be a Benefit Corporation by checking the designated box on the articles of incorporation form, or by filing an amendment to the articles. For more information on specific public benefits that are included, see the bill information at the link below.

http://nvsos.gov/Modules/ShowDocument.aspx?documentid=2887

Nevada – Benefit Corporations may be formed in January 2014
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