The Steps to take to become a Benefit Corporation in Ohio
In order to create a new for-profit corporation in the State of Ohio, the articles of incorporation will have to be completed and filed with the Ohio Secretary of State. The same articles of incorporation are completed if a traditional for-profit corporation or a Benefit Corporation is incorporated. The differences in completing the articles of incorporation are:
- Only the name of a Benefit Corporation is allowed to contain the letter “b-“ or the word “benefit” as a prefix to the corporate designation (think inc, corp, etc.).
- The purpose clause of a Benefit Corporation MUST contain a “beneficial purpose.”
What is a for-profit corporation to do that is already in existence but would like to become a Benefit Corporation? The existing corporation must file with the Ohio Secretary of State an amendment to its articles of incorporation amending:
- the corporation’s name if the corporation would like to include the letter “b-“ or the word “benefit” in its name, and
- the corporation’s purpose clause to ensure that the purpose clause contains a “beneficial purpose” as discussed above.
This article is meant to provide you with the information necessary to incorporate or become a Benefit Corporation in the State of Ohio. Stay tuned for additional articles on the unique operational requirements of Benefit Corporations and what it means to be become a certified b-corporation.
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