Community First Healthcare of Illinois ("Community First"), an Illinois benefit corporation, recently announced plans to purchase Our Lady of the Resurrection Medical Center (formerly Northwest Hospital) in Chicago from Presence Health.
A new corporate structure, the social enterprise, was born. This entity, which can be structured either as a for-profit or non-profit, considers the impact of its decisions on communities, the environment and employee welfare.
Benefit corporation legislation has already passed in five states and is moving forward in three others. It is also under review by the powers that be in Delaware, which is the de facto, if not de jure home of the American corporation.
Benefit corporation legislation is important because it sets us free to use the power of business to pursue a higher purpose and because it provides us with the tools to reach our full potential as human beings.
Until recently, you had two options before you: work at a nonprofit or work at a for-profit. However, the state of Maryland recently passed legislation to offer another route: the 'Benefit' Corporation.