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A benefit corporation is a legal tool to create a solid foundation for long term mission alignment and value creation. It protects company missions through capital raises and leadership changes. Benefit corporation structure creates more flexibility when evaluating potential sale and liquidity options.
A benefit corporation, sometimes called a B Corp, is a for-profit corporation that commits to create a material positive impact on society and the environment from the business and operations of the corporation.
Current publicly traded Benefit Corps in the US are: Lemonade Insurance (recent IPO of PBC) Veeva Systems (January 2021) - public company that made charter amendment to become benefit corp. Appharvest (February 2021) - B Corp and benefit corp that went through a SPAC deal w/ Novus Capital Feb 2021.
Lets go into a bit of detail: A Benefit Corporation is a for-profit corporation, but in addition to creating value for its shareholders, it has three additional legal attributes: 1) accountability, 2) transparency, and 3) purpose.
A benefit corporation preserves a companys mission in the following ways: Introduces capital increases and management modifications. Creates extra options when making choices about liquidation or selling. Prepares companies to focus on their mission after going public.
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Unlike a nonprofit organization that holds 501(c)(3) tax-exempt status, a mutual benefit corporation is formed primarily for the benefit of its members, such as a club or homeowners association. Because most mutual benefit corporations do not benefit the general public, they lack a charitable or religious purpose.
Accountability and Transparency. Due to factors such as its public benefit purpose and legislated reporting requirements, a PBC provides the socially conscious investor or consumer with an enhanced level of accountability and transparency, which often adds to its overall appeal.
Benefit corporations are different from traditional corporations in regards to their purpose, accountability and transparency. The purpose of a benefit corporation is to create general public benefit, which is defined as a material positive impact on society and the environment.
B Corp Certification is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials.
Benefit corporations are different from traditional corporations in regards to their purpose, accountability and transparency. The purpose of a benefit corporation is to create general public benefit, which is defined as a material positive impact on society and the environment.

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