Do you want to start a business with a social impact? At Apex Law we believe that social entrepreneurship is one of the most important and fastest growing business models being adopted today.
Whether existing solely for non-profit reasons, or melding non-profit and socially driven motivations with for profit business models, Apex Law can help your company.
At Apex Law we are heavily invested in the Social Enterprise movement. A social enterprise is any company who serves the dual purposes of doing good and doing well. That is, profitable and sustainable businesses that seek to better the world through furthering a social purpose or mission.
Social Enterprises take on many forms and come in all shapes in sizes. Find the Recipe for Social Entrepreneurship.
Are you interested in becoming a Certified B Corporation? A B Corporation certification is evidence that your company is committed to maximizing its social impact. It is not a form of entity type but is a certification that you must achieve through the process established by B Labs a “nonprofit that serves a global movement of entrepreneurs using the power of business to solve social and environmental problems.”
Currently 12 states have adopted legislation authorizing “Benefit Corporations” as a new hybrid entity. Benefit Corporations seek to find a middle ground between for profit and nonprofit entities, allowing a company to incorporate and function in a manner consistent with most for profit entities, while giving management and ownership the flexibility to utilize the company’s resources to further social good. There are some very impressive companies that have either formed as Benefit Corporations, or who have switched their entity type over to that of the Benefit Corporation.
Social Purpose Corporations
Here in Washington State, the legislature has adopted a hybrid entity called the “Social Purpose Corporation,” or “SPC” for short. The SPC is very similar to the Benefit Corporation and allows a company the flexibility to balance profitability with social impact.
White paper by Attorney Peter J. Smith on the Social Purpose Corporation, including what he thinks about when forming a social purpose corporation: Social Purpose Corporation