Wiggin and Dana Helps GoodStreets to Become One of the First Benefit Corporations in the State of Connecticut

October 1, 2014

New Haven – Wiggin and Dana assisted client GoodStreets, Inc. with the preparation of the legal paperwork to become one of the first benefit corporations in the State of Connecticut on October 1, 2014, the day that the Connecticut Benefit Corporation Act took effect.

The benefit corporation is a new legal structure in Connecticut that allows companies to focus on profitability for shareholders while also pursuing socially minded objectives. As a benefit corporation, a business is provided certain legal protections, accountability, and a level of transparency that had been very expensive and time-consuming to obtain previously. The goal of this new legislation is to enable social entrepreneurs to catalyze a new wave of commercial innovation, job creation and economic development.

The Connecticut Benefit Corporation Act was passed on Monday, May 5, 2014. Connecticut is the 26th state in the nation to pass benefit corporation legislation. The inclusion of an optional "legacy preservation provision," which is unique to Connecticut's Act, makes it the most comprehensive version of benefit corporation legislation in the nation.

GoodStreets offers an online platform and services to connect local businesses and consumers. For more information about GoodStreets' filing, please click here to view their press release. Please click here to view an article issued by the Guilford Courier.