The Founder of TMI Consulting Inc., a diversity and inclusion management consulting firm headquartered in Richmond, VA, discussed the importance of B Corps … Maintaining B Corp Certification through the B Impact Assessment is a powerful mechanism to help your company set goals for improvement, create more positive social and environmental impact, and track performance over time. … Taking the Assessment... showed us where we needed to improve to become the role model we want to be. Only companies with less than $150,000 in annual revenue will qualify for the lowest fee of $500. All Certified B Corps must meet a legal accountability requirement to maintain Certification. First, you have to take a test, which is free. **To learn more about B Lab’s approach to pricing for large companies, click here. The B Corporation or “B Corp” is a certification issued by the organization B Lab Company to sustainable for-profit businesses that meet rigorous standards of social and environmental performance, accountability, and transparency. Growing a Diverse Workforce. She founded the Small Biz Mix blog. Earning a B Corp certificate is open to for-profit companies. Companies with less than one year of operations, Companies that are publicly-traded or have between $100M and $4.9B USD in annual revenues, Parent companies that have over $5B USD in annual revenue, Parent companies, subsidiaries, franchises, and other affiliated entities. The B Corp movement is one of the most important of our lifetime, built on the simple fact that business impacts and serves more than just shareholders -- it has an equal responsibility to the community and to the planet. Use our Legal Requirement Tool to determine how your company can integrate stakeholder consideration into your governance structure. The primary differences between a C-Corporation and an S-Corporation are in the tax structure of the business. You must have JavaScript enabled to use this form. All rights reserved. As a non-profit organization, your certification fees only cover a portion of B Lab’s operating expenses. To maintain certification, B Corps update their BIA and verify their updated score every three years. Note: The Certification process and requirements may differ based on size and structure. And the price is going up for some companies. If your company is registered outside any of these regions and is not in the United States or Canada, download your pricing schedule here. Yes! And you don’t have to make your answers public or continue any further along the path to B Corp certification after you take some or all of the test, if you don’t want to. Separately, many states now allow for a company to be organized as a formal “benefit corporation”, which is different from being a B Corp. A benefit corporation’s by-laws require it to consider the social and environmental benefits of its actions. If your state does, you have four years to do so after the law is in effect or two years after you get certified, whichever is later. Large multinationals or companies with many related entities should expect a longer process. The content in this blog post has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. Certification fees are calculated according to the revenue of your company and based on principles of inclusivity, transparency, and fairness. The Basic Officer Leader Course (BOLC) is a two-phased training course designed to produce commissioned officers in the United States Army. The idea, though, is to improve during each certification cycle, using the assessments to benchmark and track your business’s progress in meeting social and environmental goals. If you fail the audit, you could lose your certification. If your company changes hands and wants to keep its B Corp status, it will have to re-certify within 90 days of the change. There’s no better way to attract and engage mission-aligned talent than to verify your values with B Corp Certification. What is a B Corp ? I’m able to get weekly reports … The idea that businesses can be agents for positive change was the spark behind the founding of the Ohio nonprofit, B Lab Inc., and its B Corp certificate program a decade ago. Basic C Corp Requirements. Get all the details on how to meet the requirements for B Corp Certification. (i) the corporation must have no more than 100 stockholders, all of whom are individuals, certain tax exempt organizations, qualifying trusts, or estates, and none of whom are nonresident aliens; (ii) the … B Corporations, Diversity, Equity, and Inclusion: Dr. Tiffany Jana Talks Social Entrepreneurship at McIntire. Compare your answers to thousands of other businesses and see how you stack up. Companies in Latin America, East Africa, Europe, the UK, Australia or New Zealand, should see Global Partner websites for local pricing. It’s a more formal status than B Corp certification. … Here is one question, an easy one, from the Diversity section: What percent of the company is owned by the following groups: women and/or individuals from underrepresented populations, including low-income communities? Based on size and complexity of your business**. Subsidiaries of publicly-traded companies also must meet additional transparency requirements. Because only corporate assets need be used to pay business debts, you stand to lose only the money that you've invested in the corporation. Can sole proprietors get B Corp Certified. There can be serious consequences for ignoring these formalities, such as your business not being recognized as a C corporation. 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