Gateway News: Bipartisan “Invest in Colorado Act” will Bring Inventive New Corporations to Colorado

Bipartisan “Invest in Colorado Act” will Bring Inventive New Corporations to
Colorado
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admin on 08/05/2012 00:16:00

Senate’s Colorado Works Jobs Package Continues to Move Forward

FOR IMMEDIATE RELEASE
May 7, 2012
CONTACT:
Eddie Stern, Communications Director
(303) 866-4882, edward.stern@state.co.us
Bipartisan “Invest       in Colorado Act” will Bring Inventive New
Corporations to Colorado
Senate’s       Colorado Works Jobs Package Continues to Move Forward
DENVER─       Today, the Senate passed Senate Bill 182, the Invest       in
Colorado Act sponsored by Senator Bob Bacon (D-Fort       Collins) and Senator
Shawn Mitchell       (R-Broomfield).
The Invest in Colorado Act will help establish       benefit corporations in
Colorado. Benefit corporations are companies       whose purpose is to create a
broader public benefit rather than being       solely profit driven.  As a
Benefit Corporation, a company’s       specific public benefit mission is
written into their articles of incorporation       to allow shareholders to hold
executives and officers accountable and       ensure revenue is used to support
the company’s public benefit       mission.  Articles of incorporation are the
primary rules       governing the management of a corporation.
This legislation will help bring in new businesses       wanting to become
benefit corporations, attract venture capital firms       looking to invest in
socially focused companies, and bring new jobs to       Colorado. Seven other
states have enacted statutes recognizing benefit corporations,       and benefit
corporations are supported by entrepreneurs, investors,       business
organizations, and legal experts.
Senator Bacon offered the following comment on       Senate Bill 182 today:
“The Invest in Colorado Act is an       important part of our jobs package
that harnesses the power of business       to bring about positive social change
will also attracting new financial       investment to the state.  Many other
states have enacted statutes       for Benefit Corporations, and I look forward
to Colorado joining their       ranks.”
Becoming a benefit corporation requires no       additional certification.  New
benefit corporations can form by       registering as such with the Secretary of
State like any other       business.  If an existing business chooses to become
a benefit       corporation there is no additional certification necessary--all
that is       required is a vote by shareholders and re-registration with the
Secretary       of State.
The Invest in Colorado Act is a key component in       the Senate's “Colorado 
     Works Jobs Package,” a series of bills focused on continued job      
creation and economic growth. This legislation will now head to the House      
of Representatives for consideration.
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About the Senate Majority
Twenty Democrats comprise the     majority of Colorado's 35-member Senate.
Leadership for the 68th General     Assembly includes Senate President Brandon
Shaffer; President Pro Tempore     Betty Boyd; Majority Leader John Morse;
Assistant Majority Leader Lois     Tochtrop, and Caucus Chair Morgan Carroll.
Breaking news, legislator     biographies and photos are available at
coloradosenate.org.