B corporation

As a benefit corporation consultant, former member of the B Lab policy team, and frequent speaker in the social enterprise startup scene, I constantly hear the two conflated. The confusion stemming from this has inspired this blog post; may it liberate you from the confusion, and empower you to advocate for these great changes in corporate governance with knowledge and accuracy. B Laba nonprofit corporation based in Berwyn, Pennsylvania, administers the certification.

B corporation

B Lab certification has no legal status. Benefit corporation Benefit corporation is a legal status conferred by state law in the US; B Lab certification is issued by a private organisation and has no legislative framework.

Companies that earn a minimum score of 80 out of points undergo an assessment review process, essentially a conference call verifying the claims made in B corporation assessment.

How to Become a Benefit Corporation?

Companies are required to provide supporting documentation before they are certified. For instance, companies with more employees will have a heavier weighting in the workers category, and companies in manufacturing will have a heavier weighting in the environment category.

To maintain credibility, the B Corporation certification standard operates under principles that are independent, comprehensive, comparable, dynamic, and transparent. There is a day public consultation period before releasing a new version of the B Corporation assessment.

In the United States, the avenue for corporations making the legal amendment to certify will depend on the state they are incorporated in.

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Some states known as "constituency" states will allow for this change in the articles of incorporation, other states, known as "non-constituency states", will not; and many states now have the option of adopting the benefit corporation legal structure, which also meets B Lab's requirements for B Corp certification.

The establishment of clear wording to "consider stakeholder interests" in company articles of incorporation or company by-laws. International adoption[ edit ] In Septemberthere were over 2, certified B Corporations across industries in 50 countries, [18] including Canada 78 companiesAustraliaSouth Africaand Afghanistan.

B corporation

B Lab also assists Sistema B in incorporating a benefit corporation distinction into local legal systems.The IRS just released Information Letter , confirming that a “benefit” corporation may deduct payments to charity as an ordinary business expense.

This is newsworthy for two principal reasons. First, it confirms that payments made to a charity may be fully deductible as a business expense rather than as a charitable contribution which is subject [ ]. A B CORPORATION is a coveted organization, engaged in delivering a wide range of Plastic & Metal Scrap.

Located in Ahmedabad, India, we are a Importer, exporter, supplier and trader of Plastic Scrap, Metal Scrap, Plastic Raw Material, and other products. B Corporation certification (also known as B Lab certification or B Corp certification) is a private certification issued to for-profit companies by B Lab, a global nonprofit organization with offices in the United States, Europe, Canada, Australia, New Zealand and a partnership in Latin America with Sistema B.

Why Become a Benefit Corporation?

A Public Benefit Corporation (“PBC”) in Delaware, which some refer to as a B-corporation, is a new type of corporate structure that 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.

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