Businesses: business corporations; benefit corporations; authorize formation and establish duties of officers and directors. Amends secs. 105, 106, 131, 202, 211, 745, 746 & 762 of 1972 PA 284 (MCL 450.1105 et seq.) & adds ch. 9A.

SB 667 updates Michigan's Business Corporation Act to formally recognize and regulate benefit corporations, which are companies legally required to pursue a public benefit alongside profit. The bill amends existing sections to define key terms and establishes a new chapter outlining specific duties for the officers and directors of these entities. It also modernizes administrative procedures by mandating the acceptance of electronic filings and introducing expedited processing options with associated fees. These changes directly affect business owners and managers in Michigan who wish to incorporate as benefit corporations or those already operating under such structures.