Texas House Bill 3488 creates a new kind of corporation called a Public Benefit Corporation (AKA “B-Corp”). At the request of State of Texas House Rep. Gina Hinojosa (D-Austin), the Economic Development Committee (EDC) reviewed HB 3488, its supporting and opposing sides, and additional information about the Bill’s focus.
Considering HB 3488’s bi-partisan support and arguments in support of the bill, our members’ entrepreneurial interests, and little (if any) evidence of opposition, the EDC voted to endorse HB 3488 as written.
Registering as a Public Benefit Corporation provides more freedom to entrepreneurs and business owners when running their business. By not having a Public Benefit Corporation statute, Texas is making it harder for small businesses to become registered here as a benefit corporation and conduct business in Texas. 31 states have adopted legislation allowing entrepreneurs to register as “B-Corps.”
HB 3488 e heard by Texas House of Representatives tomorrow, May 5.
Contact your representative and voice your support of HB 3488 and Public Benefit Corporations. Don’t know who represents you? Look up your representative.