Ohio

"B" Corporations Strive to "Benefit" Society

By Cleveland Law Library

Until I read an article from the Christian Science Monitor today, I had no idea what a "B" corporation was. Although "B" corporations currently have no special legal significance where the IRS is concerned, they have a special focus when it comes to their operations, which must be designed to consider the interests of multiple stakeholders and "benefit" society. B Lab started the initiative in 2007 and can count 200 certified "B" corporations on its rolls, with a target of 300 by the end of this year. B Lab describes a "B" corporation as follows: "B Corporations are a new type of corporation which uses the power of business to solve social and environmental problems."  The article referenced above indicates that B Lab is lobbying the Obama administration for a lower tax rate for self-designated "B" corporations.

Full post as published by Cleveland Law Library Weblog on September 04, 2009 (boomark / email).