WILMINGTON, Del. (AP)- Gov. Jack Markell is signing legislation enabling the formation of public benefit corporations in Delaware.
The legislation to be signed Wednesday allows the formation of for-profit companies that seek to balance the bottom line with social consciousness.
Public benefit corporations are managed not only for the benefit of stockholders, as most corporations are, but also for community and public interests.
A dozen other states, including New York, California and neighboring Maryland, already recognize public benefit corporations.
Administration officials have said the addition will enhance Delaware's status as the leading state for corporate law. Delaware is the legal home of more than 1 million legal entities, including many of the nation's largest publicly traded corporations.