We start with a consultation about benefit corporations, how they might work in your chosen industry, and what kinds of public benefits you are hoping to achieve.
Welcome to the cutting edge corporate entity. The benefit corporation is the newest type of business entity you can form. Some states don’t even recognize them yet—they’re that new.
But what exactly is a benefit corporation? Well, they are very similar to a regular corporation (C-Corp), with one important distinction. Along with the need to appease the shareholders by increasing the revenue, profit, and value per share of the corporation, benefit corporations also have an obligation to the greater good. As such, benefit corporations require more transparency so that the business is required to keep its pledge to work towards a general public benefit. Of course, there are additional features that differentiate a benefit corporation from a C-Corp corporation, but those are beyond the scope of this very general overview.
This sounds like more work, you may say. Why would a business ever want to have more responsibilities? In short, because there are a number of perks that come along with being a benefit corporation. Chief among them, the fact you can differentiate yourself in the marketplace. No more just telling people you’re actually a green company—you actually have to be. No more telling your workers you care about their well being—you actually do. And the general public recognizes this commitment to the general public benefit and will reward you in kind. If you’re looking for something a little more in the moment, though, you’ll also find a number of B2B companies provide excellent perks and discounts on their services for benefit corporations.
So if you want to learn more information about benefit corporations, and how we can help you get one started, give us a call or send us an email. We’d love to hear from you.