If the articles of incorporation are silent about this issue, benefit enforcement proceedings may be commenced only by: the benefit corporation itself; a director of the benefit corporation; a shareholder; or a person or a group owning 5% or more of the outstanding shares of the benefit corporation. You may also include a provision in your articles of incorporation or bylaws to authorize any other person or group to commence a benefit enforcement proceeding. Using Arkansas’s Standard Form to Create Drafting Your Articles of Incorporation Your Articles of Incorporation Without a Standard Form Required Items Required Actions Access the Benefit Corporation Include each provision required by . Articles of Incorporation form via the . Put the provisions in the order in Complete the form by following the which they appear in the statute. accompanying . Follow as closely as possible the Include the signature of each wording of the statute. incorporator, and indicate that each Do not forget to include the provision person is signing in the capacity as an stating that the corporation is a benefit incorporator. corporation. Optional Include one or more specific public benefit purpose(s). Identify one or more considerations that the board must prioritize over other considerations. Identify additional persons who are authorized to commence a benefit enforcement proceeding. Step #4: Draft corporate bylaws to establish governance rules for your business Actions Consider some of the unique responsibilities of benefit corporations before crafting your bylaws.
If the articles of incorporation are silent about this issue, benefit enforcement proceedings may be commenced only by: the benefit corporation itself; a director of the benefit corporation; a shareholder; or a person or a group owning 5% or more of the outstanding shares of the benefit corporation. You may also include a provision in your articles of incorporation or bylaws to authorize any other person or group to commence a benefit enforcement proceeding. Using Arkansas’s Standard Form to Create Your Articles of Incorporation Drafting Your Articles of Incorporation Without a Standard Form Required Items Required Actions Access the Benefit Corporation Articles of Incorporation form via the . Complete the form by following the accompanying . Include the signature of each incorporator, and indicate that each person is signing in the capacity as an incorporator. Include each provision required by . Put the provisions in the order in which they appear in the statute. Follow as closely as possible the wording of the statute. Do not forget to include the provision stating that the corporation is a benefit corporation. Optional Include one or more specific public benefit purpose(s). Identify one or more considerations that the board must prioritize over other considerations. Identify additional persons who are authorized to commence a benefit enforcement proceeding. Step #4: Draft corporate bylaws to establish governance rules for your business Actions Consider some of the unique responsibilities of benefit corporations before crafting your bylaws.
B%20LAB%20-%20Arkansas%20B%20Corp%20How-to-Guide.docx