Have you noticed the shift toward businesses acting as a force for social and environmental good – all while still making a profit?
This shift is more than just a passing trend. There are more than 8,000 certified B Corps in 96 countries and 162 industries recognized by B Lab US & Canada, the organization that sets the certification standards.* These businesses are leading a movement for more socially responsible and sustainable business practices that positively impact employees, their communities, and our planet.
B Corp Certification is a designation that a business meets high standards of verified performance, accountability, and transparency. To receive certification, businesses must meet rigorous standards to demonstrate they are operating ethically and sustainably. They are required to provide documentation of commitments, procedures, and performance results. A key legal requirement is that protection of the mission and stakeholder commitment be baked into a company’s legal DNA for the long term.
But the process is more than just filling out forms; it requires a nuanced understanding of both business operations and legal obligations that not every business owner has. A B Corp lawyer can be an invaluable partner in navigating the complexities of becoming a certified B Corp, but not all aspiring B Corps have access to affordable legal guidance to help them navigate the certification process.
To bridge the gap and enable more purpose-driven businesses and underserved entrepreneurs, including BIPOC, immigrant, women, and service-disabled veteran business owners to create a positive social and environmental impact through B Corp certification, Nazareth Bonifacino Law is dedicated to simplifying the legal complexities associated with the shift from traditional corporate structures to certified B Corps or benefit LLCs. As a certified B Corp ourselves – as Maryland’s first Certified B Corp legal practice and one of only 25 law firms in the country—we have aligned our mission and values with the highest benchmarks of social and environmental performance, accountability, and transparency.
Our commitment to these principles drives us to help other businesses succeed in their journey toward meaningful change. Partner Natasha Nazareth, who is a Trained B Consultant by B Lab US & Canada, offers a new, specialized consulting service to aspiring B Corps across the nation. The Certified B Corp consulting engagement is designed to be straightforward and efficient. Our initial meetings focus on understanding a client’s governance structure, current documentation, and specific goals.
We then develop a tailored playbook that outlines how a business can meet B Lab’s “legal requirement”. Depending on the state, benefit corporation statutes may vary widely. In states like Delaware and California, the public benefit corporation framework is well-established, while other states present a patchwork of regulations. For businesses in states without a clear benefit corporation statute, we help translate state law and B Lab’s standards into actionable steps, guiding clients through the entire process. In some cases, we collaborate with a client’s local legal counsel. We like to remind our clients that the process is more of a marathon than a sprint.
By combining our legal background with a passion for social impact, we aim to serve as a resource for a new generation of responsible businesses and do it in a way that is accessible and affordable, enabling more businesses to be a force for good in the world. We are proud to lead the way.
