The B Corp, which stands for Benefit Corporation, is a new legislation that has already been passed in six states. It signifies a new classification for corporations that harness the power of business to solve social and environmental issues. Unlike other corporations, such as an LLC, whose priorities are defined by the bottom line, B Corps measure their success on the triple bottom line, that is, the impact on people and planet are just as important as profit.
"How do you tell the difference between a good company and just good marketing?" their website asks. "Certified B Corporations meet transparent standards so you can find out about the company that stands behind the product. What impact do they have on the environment? How do they treat their employees? How do they strengthen their local community?" The answers all easily available for anyone to see, thanks to the tenet of transparency.
So far there are 506 registered B Corporations in 60 industries, with a total of $2.9 billion in revenues. The Benefit Corporation Legislation has already passed in California, Hawaii, Virginia, Maryland, Vermont, and New Jersey. States pending legislation include Colorado, New York, North Calorolina, Pennsylvania, and Michigan.
The B Corporation website has an array of information on what a B Corp is, a directory of registered B Corps, steps on becoming certified, and a blog and interactive components that offer more information and engagement opportunities.
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