WJR Business Beat

WJR Business Beat with Jeff Sloan: Consider the Legal Entity Known as a B Corp for Your New Business (Episode 201)

Are you looking to start a business with a social mission? If so, creating a B corp might be the right fit! By harnessing the power of business, B corporations use profits and growth as a means to a greater positive impact for their employees, communities and the environment.

Tune in to the Business Beat to learn what exactly a B corp is and how it’s different from a nonprofit business:

“So, if you want to be in business to do good while profiting, consider the legal entity known as a B corp for your new business and join the community of more than 1,800 certified B corporations around the world, including the likes of Patagonia, Etsy, Ben and Jerry’s and Method Products, just to name a few.”

– Jeff Sloan

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!

Good morning, Paul.

So, why do people choose to start and run a business of their own? Well, on the surface, one might reasonably assume as Mr. Wonderful, Kevin O’Leary of “Shark Tank” fame, reminds us all the time on the show: it’s about making money, right? And certainly, for anyone choosing to own and operate a business, that certainly is part of it. But many look to open a business for reasons that go beyond simply making money.

Some who start businesses also want to have a social mission attached to their business that is doing good while making money. And while few people know this, there’s actually a business class for such businesses, they’re known as benefit corporations or B corporations.

That’s right. Not C corps or S corps, B corps! To qualify as a B corporation, you must meet certain standards, but if you do, you can make money and do good at the same time.

Examples of B corporations? How about those addressing reduced inequality, lower levels of poverty, a healthier environment, stronger communities and the creation of more high-quality jobs with dignity and purpose. By harnessing the power of business, B corporations use profits and growth as a means to a greater positive impact for their employees, communities and the environment.

Now why consider a B corporation when you could otherwise choose, say a nonprofit? Well, while nonprofits work toward a public good, without the intent of turning a profit, a B corporation as a traditional company in that shareholders expect a return. Nonprofits must devote a hundred percent of their resources to achieving the work of their mission, while B corps have more freedom, including having shareholders and earning a profit while being able to do good at the same time.

So, if you want to be in business to do good while profiting, consider the legal entity known as a B corp for your new business and join the community of more than 1,800 certified B corporations around the world, including the likes of Patagonia, Etsy, Ben and Jerry’s and Method Products, just to name a few.

I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.

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