Raskin Pens Nation Article Supporting Benefit Corporations

The latest issue of The Nation magazine featured an article written by State Senator Jamie Raskin (D-Dist. 20) on the rise of benefit corporations.

Raskin opined that corporations disregard the public good for a better profit, but saw a solution.

"Thankfully, a promising alternative is emerging: an entity called the Benefit Corporation, which has been written into law in Maryland, New Jersey, Virginia and Vermont, and is moving quickly in other states too," Raskin wrote in the Nation story.  "In their articles of incorporation, benefit corporations declare their public missions—things like bringing a local river back to life, providing affordable housing, facilitating animal adoptions or promoting adult literacy."

In 2010, Raskin introduced and passed the bill in Maryland authorizing benefit corporations. 

Benefit Corporations have to be monitored regularly by a third-party to prove they are both treating their employees and customers with respect and helping society in some way. Benefit Corporations can lose their title if these goals aren't reached, according to Raskin.