MI SB0360

Amends the Michigan Business Corporation Act to introduce and define "benefit corporations" as a new type of domestic corporation that meets requirements under a new chapter 9A.

Allows benefit corporations to include "benefit corporation," "B.C.," or "b.c." in their corporate name as alternatives to standard corporate designators like "corporation," "company," "incorporated," or "limited."

Requires benefit corporations to comply with section 952 regarding their purposes but does not require them to state their general public benefit purpose in their articles of incorporation.

Changes the responsible state department from "Department of Labor and Economic Growth" to "Department of Licensing and Regulatory Affairs" for administering the Business Corporation Act.

Adds a new annual reporting requirement for benefit corporations to file a benefit report under section 958 as part of their yearly filing with the state administrator.

Takes effect only if Senate Bill No. 359 of the 96th Legislature is enacted into law.