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DIY BENEFIT CORPORATION IN MICHIGAN

Here’s some very interesting news out of the International Transactions Clinic at University of Michigan Law School — the Clinic created the first do-it-yourself benefit corporation on behalf of a social enterprise client in Michigan. Michigan does not have a benefit corporation statute so the student lawyers in the Clinic created a DIY benefit corporation using the existing Michigan Business Corporation Act. This may lead the way for social entrepreneurs in other states that lack benefit corporation to bypass the state legislature, if the state’s regular Corporations Act is accommodating and the state corporations department will accept the incorporation paperwork. Full story here.

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