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April 16, 2013
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Bill for benefit corporations is up to bat in Nevada Senate

State senators are contemplating granting companies in Nevada the right to adopt a structure that allows them to be accountable for their social and environmental impacts.

Democratic Assemblyman David Bobzein of Reno presented Assembly Bill 89 Tuesday to members of the Senate Judiciary Committee.

Under current law, focusing on concerns other than profit could land business executives in costly civil court cases.

AB89 lets companies register as benefit corporations in Nevada. Benefit corporations voluntarily assume obligations to consider environmental and social impacts alongside their profit margin. In turn, they get immunity from lawsuits for not putting profit above all else.

Continuing the trend from the Assembly, no one spoke against the bill. Supporters call it a sound economic development tool and a unique investment opportunity.

No action was taken by the committee.

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The Nevada Appeal Updated Apr 18, 2013 02:07PM Published Apr 16, 2013 06:36PM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.