Since its inception, Hera Hub has been a vital resource and community for women-owned businesses. Our Benefit Corporation status reflects our commitment to giving back.
Here’s how:
- Workforce Programs: Helping individuals return to the workforce – Ambassadors.
- Space Donation: Providing space to non-profit organizations that align with our giving mission.
- Expert Access: Free access to subject matter experts – GURUS.
- Business Accelerator Programs: Offering free or low-cost access to business launch and growth programs.
Founder, Felena Hanson, shares…
“Hera Hub has always been focused on making a positive impact on the community. Becoming a Benefit Corporation was a way for us to better articulate the impact we’ve made over the last decade and the impact we hope to make in the future.”
Public Benefit Corporations (PBC) are committed to higher standards of accountability, transparency and social impact. This corporate classification creates purpose-driven benefits for not only shareholders. PBCs adopt a corporate form that is legally recognized.
According to Patagonia Founder, Yvon Chouinard, “ Benefit corporation legislation creates the legal framework to enable mission-driven companies like Patagonia to stay mission-driven through succession, capital raises, and even changes in ownership, by institutionalizing the values, culture, processes, and high standards put in place by founding entrepreneurs.”
B Corp vs. Benefit Corporations?
Key Differences:
- Benefit Corporation:
- Legal corporate structure.
- Permanent change to the corporation.
- Requires commitment to public benefit and transparency.
- Requires annual reporting required – see below
- Certified B Corp:
- Voluntary certification.
- Renewable every three years.
- Requires third-party assessment.
Both represent alternatives to the classic 501c3, non-profit designation.
Why Choose a Benefit Corporation?
- Consumers: Modern consumers value businesses that consider social and environmental impacts.
- Employees: Attract and retain talent seeking purpose-driven work.
- Investors: Appeal to social impact investors who value both profit and positive contributions to society.
Hera Hub is more than ever, committed to the ongoing impact it has made and will continue to make in communities around the world.
How to Become a Benefit Corporation
You can change from a regular corporation to a benefit corporation by: Ensuring you are incorporated in a state that has authorized Benefit Corporations Obtaining shareholder approval Filing amended or restated articles of incorporation that (1) include a statement that the corporation is a Benefit Corporation; (2) outlines the public purpose(s) and (3) provides for a new name with the proper entity type designation If you are incorporated in a state that has not passed Benefit Corporation legislation, you have the option of domesticating in a state that permits benefit corporations or forming a new corporation in one of those states. In either instance, consulting with an attorney prior to taking action is advised.
PBCs must also produce an annual benefit report, where the achievement of benefits is measured against a third-party standard, and which needs to be made public by including the report on the company’s website (if any) — and if the company does not have a website, it must make the report available free of charge to any member of the public who requests it. The report must provide “a narrative description of the benefits they have created and any obstacles they have encountered toward achieving those benefits.”
For more information about Benefit Corporations visit https://usca.bcorporation.net/benefit-corporation/
