Recently, Law Plus Plus became the first law firm in North Carolina to become a Certified B Corporation. The first question almost everyone asks is “What is a B Corporation?”
B Labs defines B Corporations as “for-profit companies certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency,” but what does that mean?
Any company that wants to become a Certified B Corporation has to take an assessment designed by B Labs. Companies are required to obtain a minimum score of 80 in order to qualify. The assessment takes many months, requires the submission of employment data and accounting data, and generally requires the implementation of new or clearer policies.
The focus of the assessments is to ensure that the company focuses on providing a living wage and benefits to employees, measures environmental impact and tries to lessen the impact, and meets rigorous standards when it comes to transparency in business and accountability.
The changes each company is required to make is different based on the company, but B Labs works with the company to suggest simpler changes and things that can be more clear. B Labs wants as many companies as possible to become Certified B Corporations, but they still require proof for every aspect of the assessment. The process may be extremely rigorous, but they’re there to help to achieve this status.
The only actual benefit to being a Certified B Corporation is the third party acknowledgement that your company is dedicated to social and environmental good. The B Corp badge lets others know that your company has policies that reflect well on your employees, the environment, social causes, transparency, and accountability.
Along with this certification, there are B Corp events that you’re invited to, your company is posted on their website, and resources are provided to help get your company publicity.
Where We Can Help
In certain areas, Law Plus Plus had a distinct advantage in getting through the process. Whenever new policies or agreements had to be enacted, we were able to do so in only a couple of minutes. Our firm focuses heavily on transactional legal work, which covers these types of changes.
We can also help you with your Operating Agreement or Bylaws and employee policies as they may require changes or completely new policies.
If you’d like to learn more about B Corporations or what being one means to us, feel free to contact us at firstname.lastname@example.org or by calling 919-912-9640.