NY S07855

Establishes "benefit corporations" as a new business entity type in New York that must create a "general public benefit" (material positive impact on society and environment) measured by third-party standards, in addition to traditional corporate purposes.

Allows existing business corporations to elect benefit corporation status or new corporations to form as benefit corporations by amending their certificate of incorporation, requiring approval by shareholders of each class/series holding at least three-quarters of voting power (minimum status vote).

Requires benefit corporation directors to consider effects of actions on public benefit purposes, shareholders, employees, suppliers, customers, communities, environment, and long-term corporate interests, without prioritizing any single stakeholder group unless the corporation specifies a specific public benefit priority.

Mandates annual benefit reports to shareholders within 120 days of fiscal year end, including narratives on general and specific public benefit pursued, third-party performance assessments, director compensation, and identification of five-percent-plus shareholders; most recent report must be posted on company website (excluding compensation and proprietary information).

Allows benefit corporations to be terminated by amendment to certificate of incorporation with minimum status vote; Secretary of State may declare forfeiture of benefit status if corporation fails to file benefit report for two years, with automatic reinstatement upon subsequent filing.