SOURCE: MyCorporation

MyCorporation

September 10, 2013 08:00 ET

MyCorporation Takes a Closer Look at the Evolution of Benefit Corporations

CALABASAS, CA--(Marketwired - Sep 10, 2013) - With 15 years in the incorporation and LLC formation industry and a reputation for exemplary customer service, MyCorporation.com is focusing on the rise of Benefit Corporations in the United States in their latest infographic "The Evolution of an Entity: A Closer Look at Benefit Corporations."

MyCorporation is building on the momentum started by B Lab, the nonprofit that pushes for Benefit Corporation legislation and certifies B Corps. According to the infographic, 19 states, along with Washington D.C., have passed Benefit Corporation legislature with an additional 15 states that have either introduced or are considering enacting Benefit Corporation legislation.

As legally recognized corporate entities, incorporating as a Benefit Corporation (often informally described as a B Corp) means that the company must adopt a higher standard of purpose, accountability and transparency. This means committing to a general public benefit within their articles of incorporation, a benefit that works to create a tangible positive impact on society.

Jay Coen Gilbert, B Lab Cofounder, is a strong advocate in favor of Benefit Corporation legislation, "Government and nonprofits are wonderful, but have proved insufficient to address some of our most challenging problems. Business is the most powerful man-made force on the planet and can therefore do a lot of good."

The infographic examines the growth rate of benefit corporations versus LLCs and includes a brief list of states that have passed B Corps as well as a map of the United States where B Corps are expected to expand to. Additionally, the infographic pays tribute to the businesses that became the first Benefit Corporation in their state including Patagonia in California, Greyston Bakery in New York and method in Delaware.

Shannon Kelly, Legal and Business Development at MyCorporation, adds that Delaware's impact on B Corps has been tremendous from the start, "On the first day that Delaware enacted benefit corporations, 17 companies elected to become Benefit Corporations -- a record for the movement! California has also been a strong state leader in the movement with about 85 B Corps in the state as well."

Tim Frick, Principal at creative services firm Mightybytes, has no doubt that the Benefit Corporation movement will keep building momentum, "When B Corps join together we collectively become a powerful force that makes a real, measurable difference in how business is done until eventually B Corps represent the majority of businesses and not the minority."

For over 15 years, MyCorporation.com has helped small business clients incorporate businesses and form LLCs in a reliable and affordable manner. If you think a benefit corporation is right for your business, give MyCorporation a call at 1 (877) 692-6772 Monday through Friday at 7 AM - 5 PM PT or visit us at http://www.mycorporation.com/.

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    1 (877) 692-6772