B….. so happy!
Good morning, peoples and a very happy Monday to you! Today, we’re talking about B Corps.
Part of our work as bookkeepers includes getting businesses up and running when they’re just starting out (you would know them as start ups. Look at that, we’re learning already!) and part of that includes figuring out how to classify the business for the government, its legal structure.
This month, the state of Louisiana became the 8th in the US to allow companies to incorporate as B Corps.
S Corps we all know but B Corps? What’s that? Sambuca will tell you.
A B Corp is a legal structure that classifies the business as just as invested in “doing good” as making money. This great interview on Entrepreneur.com has more information. From the article:
To be certified as a B Corp, an entrepreneur has to meet very high standards in three silos: how you treat employees, impact the environment, and benefit the community in which your business operates.
… In states where it has been legalized, entrepreneurs can amend their legal framework to declare they’re both a for-profit and for-good company. As a result, a business protects itself from lawsuits by stakeholders that find the company is spending time and/or resources for anything other than solely maximizing profit.
It’s a wonderful interview and Sambuca invites you to check it out and learn more! It’s nice to remember that money isn’t the most important value in life, or in business (don’t tell the other bookkeeper dogs that I said that!)
RDS Bookkeeping has provided expertise in accounting and bookkeeping to small business owners and individuals throughout Chicago for over 8 years. We serve every client with thoughtful, efficient care and strive to go above and beyond so that you can do what you set out to do- get down to business. We are the proud founders of Pit Crew IL Rescue. Sambuca is our dog.
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