If you talk about public interest, you need to make yourself transparent and accountable first. As social entrepreneurship picks up, legal structures are being introduced to support and flourish social enterprises. Moving on from 501 c status registration of non profits, now social enterprises can register as “B Corporations”, an abbreviation for Benefit Corporations. B Corporations are structured in a way where they are not just focused on shareholder benefits but also societal benefit. B Corporation movement in US is both focused on embracing profits and impact and has already been implemented in 5 states and California is next. The biggest benefit for the B Corporations will be to go public and raise capital and create cash incentive for entrepreneurs while meeting all the requirements of a public limited company.
“Benefit Corporation Movement requires privately held B corporations to amend their articles to reflect a commitment to those standards, protecting officers and directors from legal repercussions for their decisions and giving shareholders the power to hold them accountable, by lawsuits if necessary, for protecting the public interest. It also protects customers from deceptive marketing, by forcing corporations to submit public reports that conform to independent benchmarks.” Read More.
“The change we seek is going from ‘me’ to ‘we’“. – Check out how B Corporation matters and how such laws can trigger impactful business possibilities.