B.C. Considers Benefit Corporations

British Columbia may become the first province in Canada to pass legislation that provides for the creation of "benefit corporations." Benefit corporations are different from the typical for-profit business corporation in that they must be mandated to conduct business for the purpose of creating a general public benefit. They must also adhere to a certain level of accountability and transparency.  Benefit corporations started as a "B Corp" certification issued by B Lab, a non-profit headquartered in Pennsylvania. B Lab then prepared model legislation for U.S. States to adopt, officially authorizing corporations to conduct business for a public benefit purpose and allowing directors to act in the best interest of the public.  Currently, 33 U.S. States and the District of Columbia have passed legislation that officially authorizes benefit corporations.