TBA Law Blog


Posted by: Josie Beets on Mar 19, 2015

Legislation advancing “for-profit benefit corporations” in Tennessee is on Tuesday's calendar for the Senate Commerce and Labor Committee. SB972/HB767 would enact the “For-Profit Benefit Corporation Act,” requiring such an entity to identify at least one specific public benefit in order to maintain its status. The bill was heard in the House Business and Utilities Subcommittee this week, where it was strongly backed by the Nashville Chamber of Commerce. Mike Yopp, chair of the TBA Business Entity Study Committee, also testified as the TBA has serious reservations about the act as written.