SC latest state to adopt B-Corp; NI’s Quirk-Garvan touts advantages
South Carolina recently became the 12th state to allow companies to incorporate as Benefit Corporations, which provides a legal foundation for pursuing social and environmental purposes in concert with a company’s profit-making goals. Traditional corporate structure requires profit maximization for shareholders.
Brady Quirk-Garvan, of NI’s Charleston affiliate, Money With a Mission, said Natural Investments will use the new South Carolina law to encourage other mission-driven businesses to become benefit corporations. “Here’s a way to distinguish yourself,” Quirk-Garvan said. “There’s a lot of marketing hype about being green, but this is the next step for people who are actually willing to write it into their bylaws.”
Natural Investments Advisor Greg Garvan concurred, saying “This is a proud day for South Carolina. We are now on the cutting edge of social enterprise business. For 20 years we’ve helped individuals connect their values and their financial life – now businesses have the ability to bring that same intentionality to their legal structure”
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