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W W W. M A I N E B I Z . B I Z 23 J U N E 1 2 , 2 0 1 7 F O C U S S M A L L B U S I N E S S the environment. If they take on inves- tors or decide to sell the company, those other entities also must agree to the B Corp standards to keep in good standing. ere is a similar type of corporation but with less stringent requirements known as the benefi t corporation. It is available in 30 U.S. states and the District of Columbia. An eff ort in Maine led by Maine House Majority Leader Rep. Erin Herbig, D-Belfast, to get benefi t corporations approved in Maine was vetoed by Gov. Paul LePage in 2015. Key diff erences between B Corps and benefi t corporations are B Corps cost more, with fees from $500 to $50,000 annually, based on revenues, while benefi t corporations only pay state fi ling fees of $70 to $200. A B Corp with revenue up BANGOR, MAINE • 207.947.4501 • RUDMANWINCHELL.COM Just ask our clients, and they'll agree with Jim. For over 100 years, Rudman Winchell has earned the trust and respect of businesses all across the state of Maine. Give us a call and find out what we can do for you. A TRUE STRATEGIC PARTNER FOR YOUR BUSINESS Jim Rogers, President, HealthConnect Networks: "With Rudman Winchell's help and legal expertise , we've saved over a 1,000 hospitals and clinics more than $50 million." C O N T I N U E D O N F O L L OW I N G PA G E » Certified B Corp requirements C ertified B Corps are for-profit companies certified by the non- profit B Lab to meet standards for social and environmental perfor- mance, accountability and transpar- ency. Certification offers access to the Certified B Corporation logo, port- folio of services, and a vibrant com- munity of practice among B Corps. There are more than 2,173 certified B Corps from 50 countries and more than 130 industries. They are differ- ent from benefit corporations, which self-report their performance and are available for corporations in 30 U.S. states and the District of Columbia. Companies must meet the below requirements for certification: Accountability: Directors required to consider impact on all stakeholders Transparency: Must publish public report of overall social and environ- mental performance assessed against a third party standard Performance: Must achieve minimum verified score on B Impact Assess- ment Recertification required every two years against evolving standard Availability: Available to every business regardless of corporate structure, state, or country of incorporation Cost: B Lab certification fees from $500 to $50,000/year, based on revenues. S O U R C E : www.bcorporation.net

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