what is a b corp

1. Disadvantages of B Corp certification. B Corp. Certification: Another Way to Become a Benefit Company. B Corps can only be for-profit organizations, and they must meet B Labs’ standards for social and environmental performance, accountability and transparency. A certified B Corp , is a relatively new form of corporate organization. Certification is available to all types of businesses, including traditional corporations and LLCs. To B Corps, sustainable business isn't charity, it's better business. 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. What is a B Corp? 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. A Public Benefit Corporation (“PBC”) in Delaware, which some refer to as a B-corporation, is a new type of corporate structure. The B in B Corp is open to interpretation. It can be costly The fees for B Corp certification range from $500 to over a million, depending on how much your company makes. A B Corp, on the other hand, is an organization that has successfully completed the certification put forth by the nonprofit B Labs. There are numerous member resources that are available to a B Corp once they are allowed to form. Conversely, the B Corp is a certification, conferred upon a company that meets certain social and environmental sustainability standards. Learn about our values and how we are progressing towards our 2020 goals. ). There is a fellowship of B Corporations that shares resources. For a quick overview of B Corps, check out the B Corp anthem below (less than 2 min. 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. 4. 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”. Athleta is a Certified B Corp. We use business as a force for good. 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. 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. The new California B Corporation law allows entrepreneurs and investors to organize stock corporations that can pursue both economic and social objectives. 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. 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. But some certified B Corp companies find that B Corp certification is a clear, cost-effective way to objectively measure their impact. Below, I've rounded up a few of the B Corps we love shopping at most, including Patagonia , Allbirds , and Eileen Fisher . 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