Fourth Estate releases model Public Benefit Cooperative and Public Benefit Corporation documents
The Fourth Estate Public Benefit Corporation has released a set of model corporate formation documents and bylaws for incorporating a new journalism business as either a Delaware public benefit cooperative (“PBC”) or a Colorado public benefit cooperative (“PBCoop”).
The attorney prepared forms are provided for Public Benefit Corporations organized in Delaware due to that state’s well-settled body of corporate law that is also favored by third-party investors, while the Public Benefit Cooperative form documents are provided for Colorado, as the sole jurisdiction that currently charters the public benefit cooperative.
“The Fourth Estate's mission has always been to foster, support and incubate a sustainable and vibrant free press. The new Public Benefit Corporation and Public Benefit Cooperative legal structures are attractive choices for mission-driven contemporary start-up journalism organizations." said W. Jeffrey Brown, the Fourth Estate's founder.
"By bearing the substantial cost and fees to create these legally compliant document sets we hope to kickstart a wave of next generation news organizations that operate for the public benefit.” Brown added.
For more information about the model corporate formation documents for news and journalism businesses, visit the website, https://www.fourthestate.org/model-legal-documents/
The Fourth Estate Public Benefit Corporation (Fourth Estate) is an international, non-partisan, membership organization dedicated to democratizing news for the public benefit. For more information, visit fourthestate.org