This is a community of leaders, driving of a global movement of people using businesses as a force for good. In 2015, Laureate Education was the first Certified B Corp and the third Benefit Corporation to go public, raising $450 million in its IPO. B Lab also assists Sistema B in incorporating a benefit corporation distinction into local legal systems. To be granted and to maintain certification, companies must receive a minimum score from an assessment of "social and en… The initial step is to complete an on-line assessment (B Impact Assessment). The majority of the 3,500+ B Corps are small businesses. What's the difference between a Certified B Corp and a benefit corporation? However, the certification brings a multitude of branding tools to the corporation. Phone: (412) 433-1121. This is your complete guide to the performance, legal, and transparency requirements to become a Certified B Corp. Once companies meet all below requirements, they pay an annual Certification fee. B Corps and Benefit Corporations are distinct terms that are often used interchangeably, but there are clear differences. Mirova awarded B Corp status and becomes ‘Mission-led company’ for its corporate responsibility approach Contacts Press contact Maggie McCuen maggie.mccuen@natixis.com +617 … Using business as a force for good What is the average size of a Certified B Corp? If states have passed statutes only recently, they have four years generally to comply. B Corporations are companies that value purpose as much as profit, so it felt like a natural fit with our own values. Inc. called B Corp status “the highest standard for socially responsible businesses”. This is a community of leaders, driving a global movement of … As B Corporations and leaders of this emerging economy, we believe: B Corp Certification doesn’t just evaluate a product or service; it assesses the overall positive impact of the company that stands behind it. Serving a global community of people using businesses as a force for good. Posted on November 13, 2017 November 20, 2017 Leave a comment. A Certified B Corp is a company that has been certified by the non-profit organization B Lab. B Corps aspire to use the power of business to solve social and environmental problem. Certified B Corporations are part of a community working toward not only being the best in the world, but also being the best for the world. The B Corp movement is one of the most important of our lifetime, built on the simple fact that business impacts and serves more than just shareholders -- it has an equal responsibility to the community and to the planet. [16], Currently the B Corp assessment is its fifth version, with the sixth version scheduled to be released in January 2018.[19]. B Corp is a holistic certification for businesses communicating that you care about your workers, our community and the environment. Benefit corporations and Certified B Corporations are often confused. We are the on ramp for inner city residents looking to find jobs in the solar industry. B Corps that are incorporated in states that have passed benefit-corporation legislation must reincorporate within a specified period of time after the legislation is passed — four years in Delaware, where more than half of all U.S. public companies are registered. Certifying as a B Corporation goes beyond product- or service-level certification. Certified B Corps are a new kind of business that balances purpose and profit. All rights reserved. Maryland was the first state to pass benefit corporation legislation in April 2010, followed by Hawaii, Virginia, California, Vermont, and New Jersey. B Corporations are said to base business decisions on their impact on people and the planet. This was a determination made by the Secretary of State's Office, so please ensure your counsel reaches out to the Secretary of State before making the transition to benefit corp status. And increasingly that’s what people care most about. B Corp Certification and Operational Integration Mystery and rigor stop many B Corp certification efforts early in the discovery phase. The values and aspirations of the B Corp community are embedded in the B Corp Declaration of Interdependence. Yes! There are Certified B Corps in more than 50 countries around the world. B Lab certification is a third-party standard requiring companies to meet social sustainability and environmental performance standards, meet accountability standards, and be transparent to the public according to the score they receive on the assessment. To earn certification, B Corps must meet rigorous standards of social and environmental performance, accountability and transparency. To obtain a B Corporation certification, a company first completes an online assessment. Benefit Corporation in Colorado may require you to register under the Colorado Charitable Solicitations Act. [20] Beyond the corporate model, other for-profit business entities make an amendment of the company by-laws or governing documents. Certified B Corporations also amend their legal governing documents to require their board of directors to balance profit and purpose. Certified B Corporations are social enterprises verified by B Lab, a nonprofit organization. How B Corps Can Create a Stronger, Enduring Connection with Customers. B Corps form a community of leaders and drive a global movement of people using business as a force for good. B Lab certification is not needed to obtain benefit corporation status. That we must be the change we seek in the world. B Corps are accelerating a global culture shift to redefine success in business and build a more inclusive and sustainable economy. Once a firm crosses a certain performance threshold on these dimensions, it makes amendments to its corporate charter to incorporate the interests of all stakeholders int… [16] As of May 2014, 28 of 30 members were listed by their business affiliation. You must have JavaScript enabled to use this form. The first 82 B Corps were certified in 2007. Affected corporations and partnerships are those with assets of $10 million or more that file Form 1120, 1120-PC, 1120-L, 1120S, or 1065. News & Notices, Customer Alerts and Processing Times. They are evolving much like the LLC evolved - gradually across the United States. Dec 7. The B Corp Certification is a third-party certification administered by the non-profit B Lab, based in part on a company's verified performance on the B Impact Assessment. Learn more about the Challenge, what participating B Corps have already accomplished, and how to join them. [27], social and environmental certification of for-profit companies, Verification and transparency requirements. Certification also requires companies to integrate their stakeholder commitments into the company governing documents. It demonstrates to the world around you – your stakeholders, your employees, your customers, and everyone else – that you’re committed to being a … B Corporation (also B Lab or B Corp) certification of "social and environmental performance" is a private certification of for-profit companies, distinct from the legal designation as a Benefit corporation. Yes! We do the heavy lifting in developing & formalizing your social and environmental performance. For the latest news and events about the community of Certified B Corporations, © Copyright 2020 B Lab. It is to businesses what Fair Trade is to coffee. There are 225 companies in the Stant USA Corp… [2] The most active community outside of the United States is Sistema B. The B Corp community reflects the world's business landscape, ranging from sole proprietors to publicly-traded companies. I provide process shepherding and bandwidth to get your B Corp certification, recertification and continuous improvement needs accomplished. Society’s most challenging problems cannot be solved by government and nonprofits alone. The term “B Corp” is often used interchangeably to refer to both benefit corporations and Certified B Corporations, but these are actually distinct. In the United States, the avenue for corporations making the legal amendment to certify will depend on the state they are incorporated in. Follow the community of Certified B Corporations. Today, 2,500 companies have certified as B Corps and 5,000 entrepreneurs have incorporated their U.S. ventures as Benefit Corporations across 37 states, Washington D.C., and Puerto Rico. 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