Minnesota Public Benefit Corporation Act - Preparing for Public Benefit Corporation Status on January 1, 2015

By Gray Plant Mooty

In its most recent session, the Minnesota legislature enacted legislation that allows for the formation of public benefit corporations. Public benefit corporations are not charitable or tax-exempt—they are commercial enterprises at their core—but in addition to general business purposes, they are formed to benefit the public and designed to operate in a responsible and sustainable manner. In short, the form accommodates both a public mission and private commercial ambition.

Although typically new laws take effect August 1 in Minnesota, the Minnesota Public Benefit Corporation Act, to be codified at Minnesota Statutes Chapter 304A (the Act), will not become effective until January 1, 2015.

For more information, including FAQ's, visit Gray Plan Mooty's website at www.gpmlaw.com.

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