screencapture of the following text
Public Benefit Corporation: an American form of business recognised in law by 36 states and the District of Columbia. A PBC is a hybrid entity that works in ways like a non-profit / NGO, often providing a free or at-cost / reduced cost service (the public benefit) whilst retaining a corporate financial structure: venture capital funding, shareholders, publicly traded stock and corporate valuation (what the PBC is worth). A corporation becomes a PBC by stating explicitly in its corporate by-laws that profit (shareholder enrichment) is not its only goal. Some see PBCs as an off-ramp from late capitalism and a vehicle for worker-owned scenarios. However, many state statutes do not define what a "public benefit" is, and make PBCs basically self-defining and self-regulated, with no stated fines or legal remedies for abuse of PBC status as a form virtue signalling, implying a corporate social conscience where none exists. There is usually no tax benefit to being a PBC.
#PBC #PublicBenefitCorporation
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How one small part of the world works
Bluesky Social is a Public Benefit Corporation, a fact we all benefit from: free accounts.
But the haunting thing is, X & the parent company of Truth Social could claim PBC status, too, on the same grounds: free accounts.