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by shafyy 578 days ago
How am I wrong? If I'm wrong it's that even more vague what a PBC needs to legally do to support its public cause, but in reality many PBCs end up with donating a certain % of their profits. But my understanding is that there are also other ways to support your public cause.

We don't know what Bluesky Social PBC has committed to in their certificate of incorporation.
1 comments
elfprince13 577 days ago
A standard C corp (and more relevantly its officers) is legally obligated to maximize profit for shareholders at the expense of any mission.

For a B-corp if the investors sue the board or CEO for breaching fiduciary duty for not maximizing profit, the response is "we were following the mission (and you knew we would be following the mission going in), GFY"

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shafyy 577 days ago
Who cares about profit? We're in the VC world now, where many companies grow quickly without making a cent of profit and then get sold off. How does a B corp help here?
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