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 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.
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.
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,  including Canada 78 companiesAustraliaSouth Africaand Afghanistan.
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.
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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