Ocean Bottle makes reusable bottles that save our Ocean. The B stands for “benefit,” and refers to benefiting workers, the community and the environment. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. Some B Corps may also be allowed to charge annual fees, collect fundraising, and other non-profit activities that are inviting to investors. There are no additional tax benefits associated with this status. Frank And Oak. From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors, 23 Pros and Cons of Using LLC for a Rental Property, "From Disabled and $500k in Debt to a Pro Blogger with 5 Million Monthly Visitors. There are no corporate tax benefits to the status. There are numerous ways to get involved. 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. A few examples of well-known benefit corporations include Kickstarter, King Arthur Flour, Patagonia, and Solberg Manufacturing. A C corporation may change to a B corporation merely by stating in its approved corporate bylaws that it is a benefit corporation; however in certain jurisdictions (especially Delaware), the terms "public benefit corporation" or "PBC" are also required to be in the legal name of B corporations. The corporation status allows for instant networking with similar business owners who have similar goals in their own local communities. Leesa. But some certified B Corp companies find that B Corp certification is a clear, cost-effective way to objectively measure their impact. 3. Luminare design, manufacture and upgrade. Kolibri. 4. B Lab continuously collects this data, however each state has different level of reporting capabilities. She must have her lunch on the premises. Example. B Lab’s website says there are 650 B Corporations in 19 countries and 60 industries. The subsidiary can then champion the value of the B Corp movement within the company, while providing a credible platform from which the parent can project leadership publicly. Home: B Work: the place to find jobs at companies that care about the planet, people, as well as profit. Guayakí Yerba Mate. Having a B Corp status is a marketing tool in itself. A benefit corporation is a corporate legal entity whereas “B Corporation” is a certification, like Fair Trade or USDA Organic. Unilever has also engaged strongly in the B Corp movement, owning 5 B Corp brands including possibly the most recognisable B Corp of all: Ben & Jerry's'. The term “B Corp” is often used interchangeably to refer to both benefit corporations and Certified B Corporations, but these are actually distinct. It is recognized nationally, but you’ll need to check with your local state officials before filing your articles of incorporation to see if it is available to you. 1. Danone is a standout example, working to become the world’s largest B Corp, with 11 certified subsidiaries (including Danone Dairy UK). In short, B Corps are companies that undergo a rigorous certification process to improve their social and environmental performance. 4. Examples of large companies that have achieved B Corp Certification include Laureate, KeHE, and Natura. It gives your organization instant credibility when it comes to the cause that you’re trying to support. See ‘Examples’ section below for more detail. There are numerous member resources that are available to a B Corp once they are allowed to form. There is a fellowship of B Corporations that shares resources. B Corp certification is conferred by B Lab, a global nonprofitorganization with offices in the United States, Europe, Canada, Australia, New Zealand and a partnership in Latin America with Sistema B. You operate a restaurant business. We envision a global economy that uses business as a force for good. With creative and compassionate approaches to using business as a force for good, these companies are living proof of the power of balancing purpose with profits. Re-usable bottles, thermal mugs, water bottles, kids bottles. Think of business planning as a process, instead of a document. Conversely, the B Corp is a certification, conferred upon a company that meets certain social and environmental sustainability standards. Disadvantages of B Corp certification. You encourage but don't require Carol to have her breakfast on the business premises before starting work. ", 42 Awesome Success Quotes from Fictional Characters, Tesla SWOT Analysis (2021): 33 Biggest Strengths and Weaknesses, 14 Core Values of Amazon: Its Mission and Vision Statement, Is AliExpress Legit and Safe: 15 Tips for Buyers, How Does Zoom Make Money: Business Model Explained, A Look at Southwest Airlines Mission Statement: 10 Key Takeaways, Apple’s Mission Statement and Vision Statement Explained, How Does WhatsApp Make Money: Business Model & Revenue Explained, How Does Discord Make Money: Explanation of Business Model, Is Mercari Legit and Safe: 15 Tips for Buyers and Sellers, NEO PI-R Explained: Neuroticism vs Extraversion vs Openness vs Agreeableness vs Conscientiousness. This is a community of leaders, driving a global movement of people using business … B Corporations, commonly known as B Corps, are a new type of corporation. By HBS Tuesday, March 19, 2019 What Is B Lab? 2. Joseph Chan on Unsplash" alt="U.S. flag photo by Joseph Chan on Unsplash" /> Democracy in the U.S.: It Is Time for Us to Move Forward Together The B Corporation movement has come a long way since the founding of B Lab (the nonprofit behind the B Corps) in 2007. When there are several shareholders involved with an organization, the internal debate about the best course of action to follow can be stressful and time consuming. You can see B Lab’s best attempt to track the number of benefit corporations here. B Corp In 1988, Ben & Jerry’s was one of the first companies in the world to place a social mission in equal importance to its product and economic missions. Even random audits are used to make sure that all of the rules are being followed. THE B CORP DECLARATION OF INTERDEPENDENCE. What is a Certified B Corporation? For the latest news and events about the community of Certified B Corporations, © Copyright 2020 B Lab. You furnish your employee, Carol, who is a waitress working 7 a.m. to 4 p.m., two meals during each workday. It’s only as good as you make it. There are currently 1,257 B Corps in 38 countries, though most are based in … Freshly roasted, ethically sourced, Specialty Grade coffee. 1. Three examples of discriminating metrics for B Corps (vs. other sustainable businesses, or other businesses) are: Provide >50 percent of employees paid professional development opportunities Have >5 percent of company owned by non-executive employees, and pay bonuses to non-executives A corporation is a profit-driven entity destined to ultimately consist of lawyers and other such experts in combination with the minimum number of other people required to justify the ownership of the largest number of things possible. It may be recommended that you form an S Corp first and file for 501c3 status after incorporation, then transition to a B Corp status should it become available locally. (Full disclosure: my company is a certified B Corp, so read this as a plug for the other 499). It has built-in requirements that must be followed. Article. What is a Certified B Corporation? There are standards that must be met. Beautycounter. The pros and cons of a B Corp show that it can be beneficial to those who have an organization that qualifies for such a structure. See Sample Questions. It’s not a corporation status that is available everywhere. The list below is B Lab's best effort to create an accurate accounting of benefit corps and is inclusive of all data collated by B Lab from state agency reports. To be granted and to maintain certification, companies must receive a minimum score from an assessment of "social and env… Many states do not currently track the names or number of benefit corporations. We also hear a lot of confusion about the difference between a “B Corp” and a “benefit corporation.”. It is an effective marketing tool. Become a B Corp. You must have JavaScript enabled to use this form. By HBS Tuesday, March 19, 2019 What Is B Lab? You could be making what you think is the best decision for your organization only to have an auditor come in, say you made the wrong choice, and begin the process of trying to strip your B Corp status away. Think about business planning as … Patagonia. While some of the founding companies are smaller business, including Seventh Generation, Comet Skateboards and King Arthur Flour Company, they have been joined by larger profile companies that include Patagonia and Ben & Jerry’s. Anti-Racism in Business: Examples and Actions to Drive Real Change. Unless you have a tax-exempt status associated with your B Corp, your organization is still going to be responsible for paying the same taxes as any other organization. 1. All rights reserved. As a large company, your path to Certification will vary based on your size and complexity. B All That You Can B! The B Corp provides built-in mechanisms that help to dictate the direction a company must take. As the top 10% of Certified B Corps across all impact areas, our Best For The World: Overall honorees are leading the way in the B Corp movement, showing others not only what’s possible but how to make it happen. B Corp Directory. This economy is comprised of a new ... B Corp Certification. This Assessment will walk you through a series of questions to help you learn what it takes to build a better business - better for your workers, community, and the environment. 3. Sometimes you’re forced to choose between two answers that someone will judge as wrong. If you are able to maintain your B Corp status by passing the random audits and being transparent about your mission, then you can have a beneficial experience with your B Corp. An analogy that is commonly used is that B Corp Certification is to business what Fair Trade certification is to coffee or USDA Organic certification is to milk.