Benefit Corporation

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 ?
There are now over 2,300 certified B Corps and many more companies that have adopted the benefit corporation legal form.
For my agency, living our values meant we needed to go a step further and pursue B Corporation certification and legal benefit corporation status.
With its new package, Cooley seeks to address the lack of publically available incorporation documents for Delaware PBCs and help companies determine whether being a public benefit corporation is appropriate for their business.
In 2015, New Hampshire's benefit corporation law came into effect, allowing a new corporate entity that merges public benefit with for-profit status.
13) If Alaska had passed the benefit corporation statute, it would have joined the majority of states that have already enacted similar statutes.
In other words, a benefit corporation or B corporation's goal is to create a product or provide a service and positively contribute to society and the environment while still making a profit and increasing shareholder value.
The Benefit Corporation is a relatively new corporate status legally recognized by 29 states and the District of Columbia.
a public benefit corporation that could sell vision insurance, life insurance, and supplemental health insurance products such as critical illness insurance and accident insurance.
Individuals considering forming a Benefit Corporation, a B-Corporation or a Social Purpose Corporation should consult with an attorney.
Bronner's, the family-owned maker of the natural personal care, has incorporated as a Benefit Corporation and certified as a B Corp.
She can form a low-profit limited liability company, (1) benefit limited liability company, (2) benefit corporation, (3) public benefit corporation, (4) or social purpose corporation (5) to pursue dual missions simultaneously.
There is, however, a relatively new corporate form that aligns the goals of corporate citizenship and board duties: the benefit corporation.