Later this month, Minnesota legislators from both parties will introduce the Minnesota Public Benefit Corporation Act. If passed, this bill will enable the state’s entrepreneurs to create a new type of for-profit entity that also requires a social purpose.
Under this Act, Minnesota companies that choose a public benefit corporation form (commonly called “social businesses”) would declare a social purpose publicly, track efforts toward this purpose, and annually report outcomes with the Minnesota Secretary of State.
Social Enterprise Alliance – Twin Cities is proud to endorse this legislation. We believe that this new corporate form will go a long way to promote for-profit social enterprise in Minnesota.