I’m a little embarrassed to admit this, but about six months ago, a client first told me about Benefit Corporations. I didn’t learn about their existence at any of my continuing education classes. In fact, we were all at a tax conference about two weeks ago and asked if there would be a discussion of the growth of Benefit Corporations, and all we got was a blank stare. No one seems to know about them. But we think that will change.

In a nutshell, a Benefit Corporation is a relatively new type of for-profit corporate entity, legislated in 28 U.S. states (California ushered in the B Corp in 2012), that includes positive impact on society and the environment in addition to profit as its legally defined goals. B corps differ from traditional corporations in purpose, accountability, and transparency, but not in taxation.

Huh?!? Ok, let’s watch the video instead. Allow me…