B Impact Report

Logo for Local Venture Legal, PLLC

Local Venture Legal, PLLC

Tax Law, Small Business Law, Succession/ Estate Planning
Certified Since: June, 2020
Location: Chattanooga, Tennessee, United States
Sector: Service with Minor Environmental Footprint

Overall B Impact Scoreinfo_outline

84.8

The B Impact Scores are being compared against all businesses that have completed the B Impact Assessment

www.localventurelegal.org

Local Venture Legal is a boutique law practice committed to sustainable and equitable economic development. They believe that this vision is best accomplished through the creation of an entrepreneurial ecosystem where local, small businesses can thrive. Local Venture Legal’s mission is to progress this vision by specializing in legal assistance in the formation, maintenance, and scaling of small businesses as well as planning for their successful succession of ownership. Additionally, LVL has created the LVL Up Program. LVL Up provides low bono/pro bono transactional legal assistance to small businesses that cannot otherwise afford a business attorney at market rates.

In addition to building a local business ecosystem, it is imperative to a community’s economic future to protect its environmental ecosystem. By protecting local ecosystem services, such as the watersheds which serve local water systems, a community avoids large and unnecessary expenditures and potential tax increases in order to pay for the technology necessary to replace that which nature gave us for free. In recognition of the environment’s pivotal place in the economy, they donate 10% of all legal fees from all non LVL Up clients to local conservation nonprofits.

Impact Area Scoresinfo_outline

info_outlineOverall B Impact Score

To certify as a B Corp, a company must achieve a minimum verified score of 80 points on the B Impact Assessment. The B Impact Assessment asks questions about how the day-to-day operations of a company create positive impact for the company’s workers, community, and environment. Additionally, companies can earn further points if their overall business model can be shown to create positive social and environmental impact as well, qualifying the company for specific Impact Business Model points.

Scores for Certified B Corporations are verified by the non-profit B Lab.

info_outlineImpact Area Scores

The questions in the B Impact Assessment are organized into five Impact Areas: Governance, Workers, Community, Environment, and Customers. Click into a Impact Area to see topics covered in each. Topics in blue are Impact Business Models associated with that Impact Area where the company has earned additional credit. Due to rounding, displayed totals may not add up exactly.

The B Impact Assessment is customized to a company's size, sector, and geographic market.  However, within those parameters, there are still questions included in the B Impact Assessment that might not be relevant to a particular company. In cases where a question is not applicable, the potential points available for that question are instead earned based on the performance of the company on the other topics relevant to the stakeholder and summed up as "N/A points." Likewise, a score of N/A for Workers means that the company is a sole proprietor or partnership with no full-time staff, and a score of 0 or N/A for Customers means that the company does not have a specific Customer-focused Impact Business Model.

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info_outlineBest for the World Honoree

Each year, B Lab releases lists honoring the top-performing Certified B Corps in each Impact Area and overall, broken down by size, on the annual Best for the World lists.

info_outlineAdditional Documentation

B Lab may determine that a company should make additional material beyond their B Impact Report transparent in order for the public to be able to evaluate the company’s overall impact. This additional transparency may cover participation in a controversial industry, information shared on the company’s Disclosure Questionnaire, or simply a company’s relationship to a larger complex entity. Public companies and wholly-owned subsidiaries are required to make their full B Impact Assessments transparent to achieve B Corp Certification.