They share much in common and are complementary, but have a few important differences. Benefit corporations and Certified B Corporations are often confused. Legislation for the passage of this corporate legal status has been passed in 35 states, including, The establishment of clear wording to "consider stakeholder interests" in company. Companies that earn a minimum score of 80 out of 200 points undergo an assessment review process, essentially a conference call verifying the claims made in their assessment. Benefit corporations and Certified B Corporations are often confused.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. To maintain credibility, the B Corporation certification standard operates under principles that are independent, comprehensive, comparable, dynamic, and transparent. [3], As a matter of law, in Massachusetts or States that recognize B Corporation Certification, it doesn't bring any legal significance to its shareholders, stakeholders or to its employees. 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. 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. Becoming B Corp certified is no easy task. B Lab certification is not needed to obtain benefit corporation status. B Lab also assists Sistema B in incorporating a benefit corporation distinction into local legal systems. However, the certification brings a multitude of branding tools to the corporation. [26] This non-profit adapts proprietary certifications and evaluation metrics and modifies both to the context of each country. [16], Currently the B Corp assessment is its fifth version, with the sixth version scheduled to be released in January 2018.[19]. From its start, Amy’s Kitchen has been committed to cooking vegetarian meals with meticulously sourced organic ingredients and taking care of people. Benefit corporations and Certified B Corporations are both leaders of a global movement to use business as a force for good. The company needs to adhere their corporate legal structure to B-Lab regulation in order to qualify for the certification process. A founder many times over, most recently 'now, sit down', which designs and sells circular furniture & "In the Loop" a community for circular economy businesses. © 2020 Forbes Media LLC. What is a Certified B Corp? Some states known as "constituency" states will allow for this change in the articles of incorporation, other states, known as "non-constituency states", will not; and many states now have the option of adopting the benefit corporation legal structure, which also meets B Lab's requirements for B Corp certification. B Corp certification is conferred by B Lab, a global nonprofit organization with offices in the United States, Europe, Canada, Australia and New Zealand, and a partnership in Latin America with Sistema B. A certified B-Corp is a company that balances profit and purpose. To be certified, companies must complete an Impact Assessment, which evaluates how their operations and business model impact their workers, community, environment, and customers. B Corp Certification is the only certification that measures a company's entire social and environmental performance. 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