Businesses are built for profit— corporations distribute profits among shareholders. Until 2007 there were only four ways to form corporations: C-corps, S-corps, Limited Liability Corps (LLC) and Nonprofits. When a business decides to do good works, make charitable contributions, trouble starts. Why? Shareholders may question a business’s contributions or in some cases, a joint owner could disagree with a charitable contribution, resulting in a lawsuit. Ugly but true.
“ANOTHER WAY TO SHARE THE LOVE: GET A DOG. TRAINED AS A CERTIFIED THERAPY DOG, SUBA’S MOST IMPORTANT JOB IS TO MAKE PEOPLE HAPPY.”
The growingly popular incorporation B-corp status provides protection, allowing people and the planet to share the pro ts. Local business owners, Keven Stratton from P3Utah.org and Jeff Miller from Mark Miller Subaru, lobbied to allow LLC’s to also claim this protection. As Miller explains, “A B-corp license gives you the ability to run your organization the way you want to run it.” It’s proven that good deeds are good marketing. Mark Miller Subaru, donating over $2M to local charities through its “Share the Love” program adds, “Our marketing costs have gone down and our profits have gone up, and we hope other businesses will catch on to it.”
“Share the Love” members include: