On August 2, 2012, Illinois Governor Pat Quinn signed into law the Illinois Benefit Corporation Act (the “Act”), making Illinois one of eleven states that have authorized the creation of a new form of corporation known as a “benefit corporation.”

A growing sector of the economy, led by “social entrepreneurs,” is endorsing a new understanding of a corporation’s responsibility to focus on more than just bottom-line earnings. These businesses are committed instead to pursuing a “triple bottom line” that includes people, planet, and profits.

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