Michigan HB5939 amends the business corporation law to authorize the formation of benefit corporations and establish duties of officers and directors.

Michigan HB5939 amends the business corporation law to authorize the formation of benefit corporations, which must pursue public benefits alongside profit. The bill establishes duties for directors and officers of benefit corporations, including a duty to consider stakeholder interests and public benefits. Benefit corporations must prepare annual benefit reports and include them in their filings. The bill also outlines procedures for ratifying defective corporate actions and validating putative shares. It sets fees for various filings and administrative actions related to corporations.

Michigan HB5939 amends the business corporation law to authorize the formation of benefit corporations and establish duties of officers and directors.

Michigan HB5939 amends the business corporation law to authorize the formation of benefit corporations, which must pursue public benefits alongside profit. The bill establishes duties for directors and officers of benefit corporations, including a duty to consider stakeholder interests and public benefits. Benefit corporations must prepare annual benefit reports and include them in their filings. The bill also outlines procedures for ratifying defective corporate actions and validating putative shares. It sets fees for various filings and administrative actions related to corporations.