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On July 17th, Delaware became the 19th state to sign benefit corporation legislation–a move that will make a big difference for triple bottom line entrepreneurs across the country.
For years, companies that want to make money and still do good in the world have had the opportunity to become Certified B Corporations–a status that indicates they have met a rigorous set of standards laid out by B Lab, the organization behind B Corp certification. At the same time, B Lab has worked with entrepreneurs and investors across the country to enact benefit corporation legislation, which supports social entrepreneurs on a legal level. If an organization chooses to become a public benefit corporation, it is required to consider environmental and social impact along with shareholder value (benefit corporations don’t necessarily need to be Certified B Corporations, however). On the flip side, shareholders can’t sue the company if it doesn’t maximize immediate profits, and instead focuses on more long-term gains.