This act provides for companies to choose to become social purpose corporations. Such corporations would be required to conduct their business in a manner intended to minimize negative consequences of the corporation’s activities with the goal of furthering specific social causes or the general social good. This act specifies guidelines for corporation officers, stock offerings, legal proceedings and articles of incorporation. This act requires social purpose corporations to publish yearly reports on their purpose and progress. (Companion Bill: SB 6230).   Official Text and Analysis.

Adds a provision that requires the social purpose corporation's articles of incorporation to be provided to prospective shareholders and a provision requiring a social purpose corporation to include a statement in its articles of incorporation that the mission of the corporation may be contrary to maximizing profits and earnings, or maximizing shareholder value in any mergers or other significant transactions.

Authorizes a new type of corporation in Washington, the social purpose corporation and establishes the procedures for forming and dissolving a social purpose corporation, and for issuing and transferring shares. Sets standards of conduct for directors and officers of a social purpose corporation.

Authorizes a new type of corporation in Washington, the social purpose corporation. Establishes the procedures for forming and dissolving a social purpose corporation, and for issuing and transferring shares. Sets standards of conduct for directors and officers of a social purpose corporation.