Abstract
The fourth sector shall be understood as the new model of business that connects profit-seeking and social purposes. The for-benefit companies are identified as the corporate form to carry out these objectives. Analyzing the current legal frameworks existent so far, the main similarity among them is that the benefit companies still do not resolve the distributive conflict between stakeholders and represents an instrument at the control of shareholders. They can also be regarded as a way to reinforce the understanding that without a specific law saying the opposite, firms exist solely to maximize the value of their shareholders' investments. In both models, it is inexistent an effective or efficient board liability - efficiency as a tool to compel the ones running the company to actually implement what is written in the by-laws and other formal documents issued by the company. In addition, the laws should have been more stringent concerning the measurement of the impact. Both systems impose measurement as a legal requirement, but they do not define the indicators to proceed with this measurement. Finally, companies should be allowed to become a for-benefit only if they are able to create a net positive impact taken as a whole, as the US model law provides for, and not focus on one specific social purpose (as Italian law requires) and poorly performs in other areas.
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