Benefit Corporations and B Corps: The Latest Buzz #3

B Corporations and Benefit Corporations are changing the landscape of sustainable business. Here’s the latest from around the web about this important movement:

  • The biggest story recently has been the news that NY became the 7th state to pass Benefit Corporation legislation! EvenB Corporation Forbes noted that NY is now a better state for business. Or, as one writer noted, Benefit Corporations are set to Occupy Wall Street.
  • A good post on Greenbiz.com explains the legal requirements for Benefit Corporations in California, including the reporting requirements and shareholder votes needed to convert to a Benefit Corporation.
  • Mike Hannigan of B Corp Give Something Back notes the macro-trends that are changing the face of corporate philanthropy, especially in the support systems that now exist for responsible businesses: business associations, investment capital, business professionals who support values-based businesses, and of course new legal structures such as Benefit Corporations. Taken together, it’s quite a potent force!
  • As Benefit Corporation legislation continues to spread across the country, at least one state is wondering if it will miss this opportunity: Will Nevada be left behind?
  • This Wall Street Journal post describes the differences among the three emerging legal structures for social entrepreneurs: L3Cs, Benefit Corporations, and Flexible-Purpose Corporations, with suggestions about which structure would be ideal for different types of companies.
  • Mashable has jumped into the fray as well, asking “Do they really indicate good companies?” This is an important question, especially since the article notes that “72% of Americans believe it is important to ‘buy from green companies.’”
  • B Corp Warby Parker was featured in a Fast Company video that is well worth watching. They have built giving back right into their business model: for every pair of glasses they sell, they gift a pair to someone who needs them but can’t afford them. The result in one year? 85,000 pairs of glasses to people around the world!

Finally, I’m happy to share the news that Cultivating Capital is now a certified B Corp as well! As a staunch supporter of B Corps, I am proud to be a part of a community committed to harnessing the power of business to solve social and environmental problems.

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