Microsoft (NASDAQ:MSFT)-backed OpenAI revealed plans to change company structure that would create a money-making corporation along with a nonprofit arm. The AI startup said its board is evaluating is corporate structure to support the mission of ensuring artificial general intelligence,

OpenAI said it will be restructured as a public benefit corporation, and the nonprofit that controls the organization would receive shares in the new company.

OpenAI on Friday laid out a plan to revamp its corporate structure next year, saying it would create a public benefit corporation to manage its growing business and ease the restrictions imposed by its current non-profit parent.

OpenAI is planning to convert its for-profit arm to a public benefit corporation in Delaware "with ordinary shares of stock."

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OpenAI confirmed Friday its plan to restructure its operations in a move that will separate its large and growing business from the non-profit board that currently oversees it. Why it matters: The plan,