ARTICLE
10 November 2020

BC Introduces Benefit Companies

MT
Miller Thomson LLP

Contributor

Miller Thomson LLP (“Miller Thomson”) is a national business law firm with approximately 500 lawyers across 5 provinces in Canada. The firm offers a full range of services in litigation and disputes, and provides business law expertise in mergers and acquisitions, corporate finance and securities, financial services, tax, restructuring and insolvency, trade, real estate, labour and employment as well as a host of other specialty areas. Clients rely on Miller Thomson lawyers to provide practical advice and exceptional value. Miller Thomson offices are located in Vancouver, Calgary, Edmonton, Regina, Saskatoon, London, Waterloo Region, Toronto, Vaughan and Montréal. For more information, visit millerthomson.com. Follow us on X and LinkedIn to read our insights on the latest legal and business developments.
On June 30, 2020, British Columbia became the first Canadian jurisdiction to permit corporations to incorporate as benefit companies.
Canada Corporate/Commercial Law

On June 30, 2020, British Columbia became the first Canadian jurisdiction to permit corporations to incorporate as benefit companies. The concept of benefit companies or benefit corporations originated in the U.S. A benefit company is a for-profit corporation with a mandate to conduct business for a specific public benefit. The directors of the company must take into account the public benefit when carrying out their duties. You can read more about these corporations and the amendments to the British Columbia Business Corporations Act in our previous newsletter.

Members of our Social Impact Group would be pleased to assist you in considering whether incorporation as a benefit company is right for your social enterprise.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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