When did Maryland become the first U.S. state to pass benefit corporation legislation?
Maryland became the first U.S. state to pass benefit corporation legislation in April 2010.
Questions about Benefit corporation
Short answers, pulled from the story.
What is the difference between a benefit corporation and a certified B Corporation?
Benefit corporations are legal entities created under specific state laws, whereas B Corporations voluntarily promise to run their firm with social and environmental causes as a concern.
Which states passed benefit corporation legislation by December 2020?
As of now, 36 states and Washington D.C. have passed legislation allowing for the creation of benefit corporations including Alabama which passed its law on the 31st of December 2020.
How many points must companies score to receive certification from B Lab?
To receive certification from B Lab companies must score a minimum of 80 out of 200 on a survey called the B impact assessment.
Why do businesses choose to file as benefit corporations according to a 2013 study?
A 2013 study conducted by MBA students at the University of Maryland revealed that one main reason businesses chose to file as benefit corporations was for community recognition of their values.