File to Become a Benefit Company
People, Planet & Profit
An Oregon benefit company is a type of corporation or limited liability company that wants to consider its impact on society and the environment in the business decision-making process, in addition to earning a profit.
Benefit companies differ from traditional corporations and LLCs with regard to their purpose, accountability and transparency. The purpose is to create a general public benefit, which is defined as "a material positive impact on society and the environment, taken as a whole, from the business and operations of the company."
To become a benefit company, an Oregon corporation or LLC must do the following.
- Include a statement in the articles of incorporation or organization that says the corporation or LLC is a benefit company subject to ORS 60.750 - ORS 60.770.
- Adopt a third-party standard.
- Prepare an annual benefit report identifying:
- The actions and methods used to provide a general or specific public benefit.
- Any circumstances that hindered or prevented a benefit.
- How well the benefit company met or exceeded the third-party standard.
- Distribute the annual benefit report to the owners and post it on the company’s website.
Start or Convert to a Benefit Company
Oregon business or professional corporation:
Oregon limited liability company:
Converting to a benefit company does not change your business entity type. Our regular forms are still appropriate to use.
Adopt a Third-Party Standard
Each benefit company is required to assess itself by a third-party standard to ensure it's creating a positive impact. There are many third-party standards organizations that meet the statutory requirements. Examples include:
Benefitcorp.net provides a list of many third-party standards providers.
Find detailed information in our Benefit Company FAQ.