establish public benefit corporations in South Dakota.

HB 1154 establishes a new legal structure for for-profit corporations in South Dakota called "public benefit corporations." These corporations must formally commit to pursuing either a general public benefit (affecting society/environment broadly) or a specific public benefit (targeting a particular group), and their names must include "general benefit corporation" (GBC) or "specific benefit corporation" (SBC). Existing for-profit corporations can convert to this status by amending their articles of incorporation and obtaining shareholder approval with a two-thirds vote ("minimum status vote"). The bill directly affects for-profit businesses seeking to legally prioritize social/environmental impact alongside profit, while excluding nonprofits and requiring clear public benefit commitments in corporate governance.