How to Become a B Corp Small Business
If you own a small business, you might want to look into becoming a B Corp. The certification is voluntary, and can be difficult to get. It requires a free test that you can take online. If you want to become certified, you’ll need to answer several questions about your company’s environmental and social impact. The test is fairly lengthy, about an hour to complete, but you don’t have to worry about revealing any answers to the public.
There are some requirements for becoming a B Corp. First, you’ll need to update your bylaws and governing documents. You’ll need to change your corporate structure if you’re a sole proprietorship. Your bylaws and governing documents will have to be updated to reflect your new status. You’ll also need to define your stakeholders, which should include the community and the environment. You’ll need to think about your actions from all of those areas.
A B Corp certification isn’t granted overnight. The process is lengthy, so you’ll need to make sure you’re ready to submit your application for verification. It takes a few weeks to complete, and it’s best to start early. The sooner you apply, the better, since you’ll have a head start on competitors. The process is simple, and you’ll be able to reap the rewards before you know it.
While a B Corp requires more work than a traditional corporation, it’s worth the extra work, money, and time to become a B Corp. It’s worth it, though, if you want to make a positive impact on the world while building your business. If you’re looking for a way to prove your values and make your company stand out, a B Corps certification is the way to go. You’ll see more profits and a sense of satisfaction for your efforts.
A B Corp can also be beneficial for your company’s tax status. In addition to filing a corporate tax return, a B Corp must also pay corporate taxes on all taxable earnings. A B Corps must make quarterly payments to the IRS, but it is more beneficial for a B corporation to give back to society. However, if you’re not sure whether a B-corp is right for your business, it’s important to understand that you’ll have to make certain adjustments.
Getting a B Corp certification may take a few weeks. Some companies will need to undergo a background check, which could take several weeks to months. A B Corp will have a higher risk of being sued by shareholders. As a small business owner, a B-corp certification can also prove to be a great way to show your company’s values. In short, it can help you improve your bottom line and make a positive difference in the world.