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A B corporation (or Benefit Corporation) is a type of for-profit company that has an additional mission to contribute positively to society or the environment. It's a legal structure that balances public benefits with profit-making, and is designed to hold companies accountable for producing some kind of societal benefit in addition to profits.
B corporations are required by law to consider the impact of their decisions on all stakeholders, not just shareholders. These stakeholders can include employees, customers, the community, and the environment. This makes B corporations different from traditional corporations, which are primarily concerned with maximizing shareholder value. Also, it's important to note that being a B corporation is different from having B Corp certification from B Lab, a nonprofit organization. The latter requires companies to meet rigorous social and environmental performance standards.
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