Mightybytes is an Illinois Benefit Corporation
On January 2, 2013, Mightybytes became one of the first legally recognized benefit corporations in Illinois under the state’s new act. Here’s what that means.
Mightybytes is excited to be among the first companies in Illinois to make this legal commitment to changing the world. We believe that sustainability and social responsibility are critical for the future and we want to share and encourage that commitment with our employees, our clients, and our community.— Tim Frick, President, Mightybytes
Benefit Corporations and Purpose-Driven Business
Mightybytes became a Certified B Corp in the summer of 2011. Certified B Corps meet the highest verified standards of social and environmental performance, accountability, and transparency.
While both Benefit Corporations and Certified B Corps are responsible companies, only Benefit Corporations are considered legal entities like S Corps, C Corps, or LLC’s. This new class of company is required by law to create a material positive impact on society and the environment and to meet higher accountability and transparency standards.
Mightybytes is strongly committed to these principles. We use the B Impact Assessment—the tool used to certify B Corps—as independent third-party verification of our ability to meet these standards. We have used this tool to redesign our company practices and become a Best for the World B Corp several years in a row now.
Reporting on our Public Benefit
As part of this legal commitment, every year we must produce an annual benefit report that details how we made good on our social and environmental claims. This is a legal requirement to operate as a Benefit Corporation. You can read Mightybytes’ annual benefit reports here.
Interested in becoming a benefit corporation? You can learn more on the benefit corporation website. You can also read our FAQs on the Illinois Benefit Corporation Act.
Considering B Corp certification? Learn more on B Lab’s website.