As Bill Callison explains, a B Corp a.k.a. a benefits corporation is a new type of corporate form recognized in a few states that "allows a modification of shareholder primacy/shareholder wealth maximization principles." Bill recounts his experience with a legislative effort to get B Corps recognized in Colorado, concluding:
Moral to the story: When people approach you with “socially beneficial” business organization gifts, unwrap them (and try the clothes on) before accepting. You may find that the gift is a mule rather than a horse, and perhaps one does not want to look in a mule’s mouth.
Another moral to the story: Colorado’s corporate legislative drafting group includes at least two very good academics (and more, if one defines the term broadly), and their participation in the process was invaluable. They help us unbundle and understand problems from a unique perspective. Be involved.
Go read the whole thing, as he details some serious problems with the benefits corporation statute being pushed by the main promoter of the idea.
Relatedly, you'll want to read Bill's post Low-Profit Limited Liability Companies (L3Cs): Will Someone Rid Us of These Pesky Beasts