I just got word that we’re legit. Actually, we’re not just a company, we’re a benefit corporation.
If you’re not familiar, the benefit corporation is a new legal designation for companies that want to go beyond seeking profits and shareholder value. It’s for businesses that make money like any other company — but they also strive to make a positive impact in the world.
When we set this up, I was advised that this structure was so new that there may be unknown legal implications. I was also warned that attracting venture capital or selling the company could be more difficult.
But I’ve always believed that business can be a force of social and environmental good and I wanted that concept written into the company’s DNA.
I was also reassured that some of my favorite companies are already on board. Patagonia, the outdoor gear company, and Method, the eco-chic cleaning products manufacturer, are two leaders in this movement. (For more information about benefit corporations and Certified B Corps, check out the nonprofit B Lab).
So that’s it, we’re incorporated. I’m excited. Truthfully, at the moment I’m more exhausted than excited. But it’s great to have this little task is checked off… and now the real work begins.