Businesses: business corporations; benefit corporations; authorize formation and establish duties of officers and directors. Amends and adds (See bill).
Key claim: HB5939 would authorize formation of benefit corporations in Michigan and establish the duties of their officers and directors.
Abstract
(HB5939 · 103rd Legislature) Businesses: business corporations; benefit corporations; authorize formation and establish duties of officers and directors. Amends and adds (See bill). Sponsor: Rep. Douglas Wozniak ® + 1 co-sponsor In committee: H Economic Competitiveness Latest action (2026-05-12): Bill Electronically Reproduced 04/30/2026
Why this matters
Authorizing benefit corporations would give Michigan entrepreneurs and investors a new statutory entity form that legally binds directors to consider public benefit alongside shareholder returns, a form already available in most other states. For workers, employers, and taxpayers this expands Michigan’s business-organization options and could affect how mission-driven companies incorporate, raise capital, and are held accountable for social and environmental commitments.