Oliver Russell wasted no time in filing to become a benefit corporation. Russ Stoddard, president of the Boise-based marketing firm, filed the paperwork on July 1, the day when the new Idaho law creating the business classification went into effect.
The Secretary of State’s office confirmed that Oliver Russell was the state’s first – and so far its only – benefit corporation.
Oliver Russell does marketing work for non-profits and mission-driven companies.
“We wanted to cement this commitment in our corporate charter, and we also thought it would be fun to become the first of what we hope will be many, many benefit corporations in the state of Idaho,” Stoddard said in a release.
The new business classification gives corporations legal standing to pursue goals other than maximizing profits, such as setting environmental standards or devoting resources to charities or social causes. Some corporations could include such goals as part of a profit-driven mission. For example, a benefit corporation could reduce energy consumption, which would both meet environmental goals and save on expenses.
Click here to read the Statesman’s February in-depth story on benefit corporations and several Idaho companies explained why they would likely file for the new business classification.