Benefit Corporation

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Benefit Corporation

A corporation in which the members of board of directors have the statutory duty to provide some tangible benefit to the community and/or the environment. In other words, a benefit corporation is not prohibited from earning and distributing profits, but is expected to do these other things as well. A benefit corporation is informally called a b-corp.
References in periodicals archive ?
We also actively engage social entrepreneurs, impact investors, and B-Corps in our work to spur innovation in the sector.
First, it tries to explain differences in new ventures performance investigating how B-Corps interact with their communities and through them access customers information and gaining loyalty.
Thirteen Utah businesses registered as B-corps on that day, receiving their certificates of registration from Lt.
B-corps originated after a 2010 Delaware Supreme Court ruling in eBay v.
Steve Klass, executive director of P3 Utah, a nonprofit promoting business for people, planet and profit, says the original 13 Utah B-corps are companies that have made social 1110; and environmental responsibility part of their cost of doing business.
For example, it bothers Topher Webb, president of Utah-based Mezzo Chocolate, one of Utah's 13 original B-corps, that a series of middlemen take most of the profits from growers in the cacao bean trade.
Benefit corporations, or B-Corps, allow business owners to be socially responsible, put more of their profits into workers' pay, help communities and be environmentally responsible.
Consumers should support our Eugene B-Corps and worker-owned co-operatives instead of international big-box stores because they support local jobs and locally produced goods.
B-Corps and worker-owned co-ops can remain competitive because they can attract workers who are happier and do better work.
B-Corps are not required to focus solely on maximizing shareholder value and profits but aim for a bottom line that also incorporates employees, people or the environment.
B-Lab has an annual audit rate of about 10 percent, randomly selected among the certified B-Corps.
1 Public procurement is the subject of culture Boiler B-Corps execution of works.