Taft attorney Russell C. Menyhart was quoted in the Indianapolis Business Journal article "'Benefit corporation' offers new path for firms that see past profit," which was published on June 27. The article discusses Indiana's new statute that will offer companies the option of becoming a "benefit corporation" beginning Jan. 1, 2016. The legislation provides a new legal entity for entrepreneurs who want to require that their business consider priorities other than profit maximization, such as environmental stewardship and employee happiness.
Menyhart, a member of Taft's Litigation group, helped with the legislation. He is actively involved in promoting the growth of purpose-driven companies, social enterprises and impact investing in Indiana. He advises social entrepreneurs on how legal structures, such as benefit corporations, can express and promote their values. This includes identifying the appropriate legal form for such entities, advising on expansion and financing, and assisting with B Corp certification and other third-party certifications that can confirm and strengthen a social enterprise’s corporate identity and mission.