Philadelphia businesses make history as state's first benefit corporations

Image via nonprofitlawblog.comLast April, Pennsylvania joined 11 other states, including neighbors New Jersey and New York, in a progressive movement to adopt legislation creating benefit corporations. But it wasn’t until last week that history was finally made when 15 companies registered as Pennsylvania’s first benefit corporations.

While many of these companies were already certified B Corps—a certification given by the nonprofit B Labbenefit corporation is a legal status given by the state. Both B Corps and benefit corporation statuses allow sustainably and socially minded companies to be freed of traditional corporate structures that necessitate maximizing profit and shareholder returns. In turn, these businesses can focus more on purpose, committing to practices like energy efficiency, fair wages for employees and community engagement.

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