Oregon’s New Benefit Company Statute Now in Effect
Oregon’s new Benefit Company legislation has become effective as of January 1, 2014. Oregon joins more than fifteen other states that have similar corporate laws in place. One feature of the Oregon legislation that differs from most others is that it applies both to corporations and limited liability companies. Now, both existing and new Oregon corporations and LLCs can opt in by including provisions in their articles, with the effect that the entity will provide a “material positive impact” on society and the environment, taken as a whole, from the business and operations of the company. Lane Powell Shareholder Jeff Wolfstone presented on this topic at an Oregon State Bar CLE Seminar on June 25, 2013. His presentation included a number of additional requirements and elective provisions, which benefit companies, investors and management should be familiar. View the slides from Jeff’s presentation.