Sometimes owner “losses” were with permission or even at the direction of owners. Other times they were short-term sacrifices made in pursuit of better gains over the long term, possibly connected to employee morale, productivity, community support, customer loyalty, or other reasons that might improve sales and profitability. Sometimes owner losses were concessions to employee action, customer or supplier demands, or other non-owner constituencies. Still other times, owner losses were imposed by law (e.g., wage and hour laws, environmental mandates, workplace safety, and more).
Through it all, mundane and creative uses of traditional organizational forms seemed capable of meeting various demands. That began to change in 2008 with Vermont’s L3C innovation, followed in 2010 by Maryland’s benefit corporation, and again in 2012 by California’s flexible purpose corporation and Washington’s social purpose corporation. Since then other states have enacted laws allowing for the formation of the public benefit corporation, while other states have proposed “low profit” or “multi-purpose” corporations, and there is the potential for new forms on the horizon.
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