Social Purpose Corporation

As of June 7, 2012, a new type of profit corporation will exist in Washington.  For the past two years, the State Bar Association has been working on this law that would allow a corporation’s shareholders and directors to put a social purpose (such as saving the environment or saving the whales) above the purpose of making a profit.  They discussed the need for the law, the different points of the law, and the differences from the “Benefit Corporation” law that seven states have already enacted.

The Secretary of State’s Office participated in these discussions and was happy to support HB 2239.  

Registering a Social Purpose Corporation is similar to registering other profit corporations. Here is the fillable form for paper registration.