Tonkon Torp Benefit Company Law

Benefit Company Law

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Tonkon Torp’s Benefit Company practice group works with organizations that wish to formally include in their governing documents a commitment to a triple bottom line of social responsibility, economic prosperity and environmental stewardship.
 
Under an Oregon law that went into effect on January 1, 2014 (ORS 60.750 to 60.770), Benefit Company registration allows business owners to include in their company’s governing documents a commitment to provide a positive impact on society and the environment as primary business purposes. 
 
Benefit Company status comes with expanded fiduciary duties of directors, officers and managers, and requires specific documentation regarding the purpose, accountability and transparency of the organization. Tonkon Torp attorneys help business owners to understand what it means to become a Benefit Company and how to operate a Benefit Company. We help clients prepare and file appropriate charter documents with the State of Oregon, select a third-party standard to measure positive impact, and assist with publication of the required annual benefit report. We also advise clients on potential liability associated with Benefit Company status, whether from customers, shareholder activists, the community, securities regulators, or others.
 
Tonkon Torp corporate lawyer Jeff Cronn helped craft the Oregon Benefit Company legislation. Attorney Justin Denton helped client Rogue Creamery to be the first Oregon company to register as a Benefit Company.