question 2 feel free to add more sources

A benefit company is basically a company for profit committing the conduction of its business in a sustainable and responsible manner. It should also include the promotion of one or more of the public benefits. This new form of company was available under the BCA effective from June 30, 2020. BCA’s amendment that created this novel company form called as the “Benefit Company”. This came into effect as a private member’s bill having the clear pre-defined goals that support the companies and choose to consider the social as well as environmental goals at the core of the mission. This allows them to embedment of their goals in the articles that also require them to stay publicly accountable. The 1st Canadian province that enacted the legislation was British Columbia wherein there has been the adoption of the Benefits company structure. This was used as an alternate option to the traditional company, society, or legal entity. Thus, we may conclude collectively that a benefit company is the one called as for-profit company which:
· Tends to commit the business conduction in a sustainable and responsible manner
· Tends to promote one or more of the public benefits having a positive effect for communities, organizations, people group except for the shareholders or the environment.
A benefit company is quite different from the traditional company as this is accountable to not only the shareholders by enhancing the shareholder value and earning profits but also to other stakeholders by offering public benefits for helping society. This novel company type tends to offer a choice for entrepreneurs for forming businesses that earn profits and help communities and enable them to attract investors sharing their public benefit goals.
For ensuring that a benefit company acts for the benefit of the public in a sustainable and responsible way, the Amendment needs a benefit company to:
· State in its articles the public benefit goals of the company and that the company is now a benefit company along with being committed towards business conduction in a sustainable and responsible manner as well as promoting one or more of the public benefits.
· Must publish an annual benefit report that assesses the performance of the company in its promotion of stated public benefits while comparing the progress of same against the independent 3rd part standard.
· Make this annual report available at the records office of the company and on the website of the company, if it has one,
· Lastly, the directors of the company must balance the communities in the benefit provision with their duty to act in the company’s best interests.
B Corp on one hand is a 3rd party certification whereas the Benefit company is the actual legal business structure. This is important to understand the “Benefits corporations” vs B Corps while starting a corporation. Often these terms are used interchangeably without considering the remarkable difference in them. Becoming a B Corp is pretty different. As long as tehre is certification from the B Lab and the applicable fees are paid, any of the company set about the profit-making can become B Corp. for example, Hanson Bridgett, LLP which is a law firm is a founding B Corp with having a limited liability partnership instead of a corporation. So, similar to any other B Corp, this company received a passing grade in the B Lab Impact Assessment that scrutinized its operations and graded it similar way on the basis of overall set of criteria. There is encompassing of the aspects like quality of the products and services, the support received by the community from this business as well as the commitment of the organization towards the environment. So, the concept behind the B Corp is not only the success...