204.102 Definitions. Unless the context clearly indicates otherwise, in this chapter:
(1) “Benefit corporation" means a business corporation that has elected to become subject to this chapter and whose status as a benefit corporation has not been terminated under s. 204.105.
(2) “Benefit director" means the person designated as the benefit director of a benefit corporation as provided in s. 204.302.
(3) “Benefit officer" means the officer of a benefit corporation, if any, designated as the benefit officer as provided in s. 204.304.
(4) “Entity" has the meaning given in s. 180.0103 (8).
(5) “General public benefit" means a material positive impact on society and the environment by the operations of a benefit corporation taken as a whole, through activities that promote some combination of specific public benefits.
(6) “Service corporation" has the meaning given in s. 180.1901 (2).
(7) “Specific public benefit" includes all of the following:
(a) Providing low-income or underserved individuals or communities with beneficial products or services.
(b) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business.
(c) Preserving the environment.
(d) Improving human health.
(e) Promoting the arts, sciences, or advancement of knowledge.
(f) Increasing the flow of capital to entities with a public benefit purpose.
(g) The accomplishment of any other particular benefit for society or the environment.
History: 2017 a. 77.
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