There are numerous member resources that are available to a B Corp once they are allowed to form. The New Year brought a new class of corporation called a benefit corporation or B Corp, to the state of California. Some B Corps may also be allowed to charge annual fees, collect fundraising, and other non-profit activities that are inviting to investors. B Corp. Certification: Another Way to Become a Benefit Company. A Benefit corporation is often referred to as a “B corp,” but it is important to make a distinction between a “B corp” and a “Certified B Corp.” A B corp is formed under state law similar to any corporation. We spoke to Kate Sandle, Community Manager for B Corp UK, whose favourite interpretation of B Corp comes from Ghandi – “Be the change you wish to see in the world”. The B in B Corp is open to interpretation. Conversely, the B Corp is a certification, conferred upon a company that meets certain social and environmental sustainability standards. It can be costly The fees for B Corp certification range from $500 to over a million, depending on how much your company makes. ). There is a fellowship of B Corporations that shares resources. It is a for-profit business that has a stated “public interest” purpose set out in its certificate of incorporation to allow for a purpose beyond maximizing profit for stockholders. It was originally derived from “benefit corporation”, a type of US corporate structure, but B Corp means many things to many people. The B-Corporation is an actual legal entity recognized by the Secretary of State and formed upon the filing of required paperwork, like the Articles of Incorporation. Unlike the traditional corporation that gives priority only to financial profitability, B Corps actually look at the triple bottom line and use the power of business to address social and environmental problems. Learn about our values and how we are progressing towards our 2020 goals. A certified B Corp , is a relatively new form of corporate organization. Athleta is a Certified B Corp. We use business as a force for good. The benefit corporation structure is useful on its own, whether or not a company decides to pursue certification, but here is how the benefit corporation structure relates to B Corp Certification: The best way for corporations to meet the legal requirement for B Corp Certification is to use the benefit corporation legal structure. The new California B Corporation law allows entrepreneurs and investors to organize stock corporations that can pursue both economic and social objectives. Another way to show that a business is focused on environmental and social goals is to apply for B corp. certification through the nonprofit organization B Lab. A Public Benefit Corporation (“PBC”) in Delaware, which some refer to as a B-corporation, is a new type of corporate structure. Below, I've rounded up a few of the B Corps we love shopping at most, including Patagonia , Allbirds , and Eileen Fisher . In 2006, Jay Coen Gilbert, Bart Houlahan, and Andrew Kassoy, founded B Lab, a nonprofit organization that certifies as B Corporations businesses adhering to true corporate social responsibility. 4. To B Corps, sustainable business isn't charity, it's better business. B Corps can only be for-profit organizations, and they must meet B Labs’ standards for social and environmental performance, accountability and transparency. Certification is available to all types of businesses, including traditional corporations and LLCs. For a quick overview of B Corps, check out the B Corp anthem below (less than 2 min. Disadvantages of B Corp certification. 1. A B Corp, on the other hand, is an organization that has successfully completed the certification put forth by the nonprofit B Labs. What is a B Corp? 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