CT HB05466

Establishes legal framework for "social enterprise businesses" as corporations with primary purpose of creating social benefit, effective January 1, 2013.

Requires social enterprise businesses to distribute at least 20% of any distributed profits to charitable organizations serving their specific public benefit purpose.

Directors and officers must consider effects of actions on shareholders, employees, customers, communities, environment, and long-term business interests; directors are protected from liability for failure to achieve social benefit goals.

Mandates annual benefit reports to shareholders detailing social/environmental goals, actions taken, performance assessments using third-party standards, and financial disclosures; reports must be filed with Secretary of State within 120 days of fiscal year end.

Upon dissolution, assets must be transferred to similar social enterprise businesses or charitable organizations rather than distributed to shareholders under standard corporate liquidation rules.