Also referred to as a “b-corp”, a benefit corporation is a type of for-profit corporation whose operation includes the creation of a defined “public benefit”. Such public benefits typically include the promotion of a positive impact on the community, environment, employees and larger society. B-corps are taxed just as a traditional C corporation, but they practice additional levels of accountability and transparency.
Benefit corporations are new in U.S. business history, with the state of Maryland passing the first benefit corporation legislation in 2010. As of July 2017, 33 states and the District of Columbia have passed similar legislation.