There's a new way of doing business in Illinois. Having passed in the House and Senate, Benefit Corporation (B Corp) legislation is but a Governor’s signature away from being signed into law, which would make Illinois the 10th state in the union to provide a legal structure for companies that want conduct socially responsible business. Below are some reasons why you may want to consider this designation as an option for your business.

What's a B Corp?
According to B Lab, the nonprofit that currently governs B Corp designations, a B Corp is a “type of corporation which uses the power of business to solve social and environmental problems.” Unlike traditional businesses, B Corps must meet certain performance standards on social and environmental issues and attain high legal levels of accountability. They also work to build a constituency of companies that advocate for public policies that support sustainable business.

Does this mean you have to be a clean energy startup or a green building consulting firm (for example) to be a B Corp? Not at all. Any type of for-profit business can become a B Corp. It just means that issues like the environment, social justice, organizational transparency, and so on will be considered alongside profit as the company does business.

Seven Reasons to Become an Illinois B Corp
B Corps offer a number of unique opportunities for businesses to put purpose alongside profits as a company grows and solidifies its mission. Here are seven reasons why becoming an Illinois B Corp may be good for your organization:

1. Being a B Corp attracts like-minded prospective employees who want to work for companies that have a clear vision and purpose.
2. B Corps, as a general rule, like to work with other B Corps, so becoming a B Corp can serve as a built-in sales channel.
3. B Corp assessment ensures that a business maintains its commitment to the triple bottom line during growth spurts, as companies are reevaluated every year.
4. B Corps support business growth through a commitment to employee well-being and professional development.
5. B Corps are good for the environment. They have to be.
6. B Corps foster good will within their communities by getting involved in community service and charitable giving.
7. The Benefit Corporation structure allows stakeholders to challenge shareholders on critical business decisions to ensure social concerns are weighed alongside profitability.

My company Mightybytes is one of 11 B Corps in Illinois. If you have questions about becoming an Illinois B Corp, please feel free to contact me here or via the Mightybytes site. You can connect with us on Twitter and Facebook as well.