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 ?
Bronner's, family-owned maker of the top-selling natural brand of soap in North America, is proud to announce it has incorporated as a Benefit Corporation and certified as a B Corp(TM).
The changes include the consummation of a series of transactions, the results of which are that the Company is now 100% owned by its Employee Stock Ownership Plan (ESOP); and the Company is now registered as a Public Benefit Corporation under Delaware corporate law.
There is, however, a relatively new corporate form that aligns the goals of corporate citizenship and board duties: the benefit corporation.
The New Hampshire Benefit Corporation Act provides that any New Hampshire business or professional corporation may elect to be treated as a benefit corporation under the art by designating in its articles of incorporation that it is a benefit corporation.
A state's benefit corporation statute is located within existing corporation law.
Supporters of the benefit corporation designation believe investors will receive a different kind of security or satisfaction from knowing the businesses they invest in are actually doing the good they promised they would.
Unlike a traditional corporation, which can be created for any lawful purpose, a benefit corporation must have as one of its purposes to create a material positive impact on society and the environment.
UNDC is a state of New York public benefit corporation created in 1968 to assist the United Nations community with its office space and other real estate needs.
The Benefit LLC and the Benefit Corporation are relatively new types of companies that allow social entrepreneurs to codify their social impact missions in their corporate charters - using the power of business to create an independently measurable public benefit.
This case does not implicate internal church governance; it implicates the relationship between a nonprofit public benefit corporation and its employees, most of whom do not belong to the Catholic Church," wrote Justice Joyce Werdegar for the majority.
Camp Helping Camps is a new, nonprofit public benefit corporation for charitable purposes to provide assistance to camps for underprivileged and homeless children through donations of new and used goods.
announced today that it has converted from a traditional corporation to a Public Benefit Corporation (PBC) domiciled in Delaware, which has the most up-to-date PBC law.