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 ?
Full Circle and Soma are certified B-corporation companies, dedicated to social and environmental issues.
Other commercial tenants will include street-level retail and B-corporation businesses with closely aligned social missions.
It is made by a community of snowboarders, artisans, moms and dads at a B-Corporation Knitting Mill in Longmont, Colorado, and delivered in a WM cotton drawstring garment bag.
Individuals considering forming a Benefit Corporation, a B-Corporation or a Social Purpose Corporation should consult with an attorney.
Some benefit corporations may want the further recognition of achieving B-corporation status by being certified by B-Lab.
B-Corporations are corporations that have received the seal of approval from B-Lab.
As a community focused B-Corporation, IIT is dedicated to assuring that its partners are better able to realize cost reductions and invest in their mission-related goals.
"These companies have always existed but there had not been metrics to evaluate activities in ways to bring the (B-Corporation) community together," he said.
For-profit businesses are getting into the act, whether it's calling it a social enterprise, impact investing, or taking advantage of newly created legal structures such as Public Benefit Corporations (PBC or B-Corporations) or Low-profit Limited Liability Corporations (L3C).
As a certified B-Corporation, Notogroup maintains the highest standards for corporate governance, employee benefits, professional development, environmental conservation, and overall community investment.
Launched in 2007, Change.org started out as a nonprofit before filing to become a for-profit B-Corporation. It has three main offices in the United States in addition to staff in about 25 countries and 150 employees worldwide.
Also, Verdigris Group earned the ranking of "Local Hero" from B-Corporation for its efforts in sustainability and corporate social responsibility.