Businesses: business corporations; benefit corporations; authorize formation and establish duties of officers and directors. Amends (See bill).

SB 789 creates a new legal structure for "benefit corporations" in Michigan, allowing businesses to formally balance profit with social or environmental goals. It establishes specific duties for directors and officers to consider public benefits (like community impact or environmental sustainability) alongside shareholder interests when making decisions. This bill directly affects businesses that choose to register as benefit corporations under its new Chapter 9A provisions, requiring them to meet defined standards for public benefit reporting and governance. The law amends existing business corporation statutes to incorporate these requirements and defines key terms like "benefit corporation" and "independent director."