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A social enterprises can be structured as a business, a partnership for profit or non-profit, and may take the form (depending on in which country the entity exists and the legal forms available) of a co-operative, mutual organisation, a disregarded entity (a form of business classification for income tax purposes in the United States), [5] a social business, a benefit corporation, a community ...
Social business venture: These models are set up as businesses that are designed to create change through social means. Social business ventures evolved through a lack of funding. Social entrepreneurs in this situation were forced to become for-profit ventures, because loans and equity financing are hard to get for social businesses. [52]
To create such a statute, legislation must be passed that amends the state's general limited liability company (LLC) law. [23] Note that a business can operate as an L3C within a state that does not have an L3C statute by incorporating in a state that does have an L3C statute and filing as a foreign firm doing business. [22]
In California, "[t]he amendment, S.B. 1301, changes existing law (found under Corporations Code Sections 2500–3503) [1] to emphasize the social-purpose nature of the flexible purpose corporations, most notably by changing its name to the "Social Purpose Corporation". With the law change, corporate directors are now required to account for ...
As a matter of law, in the 36 states that recognize this form of business, a benefit corporation is intended "to merge the traditional for-profit business corporation model with a non-profit model by allowing social entrepreneurs to consider interests beyond those of maximizing shareholder wealth." [2]
Social business was defined by Nobel Peace Prize laureate Professor Muhammad Yunus and is described in his books. [1] [2] In these books, Yunus defined a social business as a business: Created and designed to address a social problem; A non-loss, non-dividend company, i.e. It is financially self-sustainable and
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A community interest company (CIC, pronounced "see-eye-see", or colloquially, "kick") is a form of social enterprise in the United Kingdom intended "for people wishing to establish businesses which trade with a social purpose..., or to carry on other activities for the benefit of the community". [1]