Legislation creating social purpose corporations has passed both the Senate and the House, and is expected to be signed by the Governor this month.
In January, we wrote about bills in the Washington legislature that would create of a new corporate form for Washington businesses–the social purpose corporation. In February, the House passed HB 2239, a bill creating social purpose corporations, by a margin of 62-31. And in early March the Senate passed its version of the bill, SB 6230, by a margin of 34-14. Governor Gregoire is expected to sign the bills into law this month. To view the bill creating social purpose corporations as passed by the legislature, click here.
For more information about what social purpose corporations are, and how they will work, visit our January blog article on social purpose corporations, or my article on social purpose corporations in the March 2012 King County Bar Bulletin.
The law will take effect 90 days after the 2012 regular session. The session ended on March 8th, so you should be able to form social purpose corporations as soon as early June.