A benefit corporation, sometimes called a “B Corp,” is a for-profit corporation that commits to create a material positive impact on society and the environment from the business and operations of the corporation. Like a traditional corporation, it pursues profit for the benefit of its shareholders, but a benefit corporation must also report on how it pursues a positive social environmental impact.
A majority of US states, including Delaware, have authorized the creation of this new form of corporation as a distinct corporate entity, although for tax purposes it doesn’t differ from a traditional C-corporation. In Delaware, it is the Public Benefit Corporation. Patagonia and Kickstarter are two well-known examples of benefit corporations.