On July 1, 2014, SB 654 and HB 685 became official and amended the Florida Statutes regarding business entities. The new law not only reorganizes Chapter 607 of the Florida Statutes, but creates two new types of corporate entities in Florida: Social Purpose Corporations and Benefit Corporations. These two new types of corporations will be subject to the statutory regulations of corporations traditionally found in Chapter 607 with a few specific variations.