SEA-TC Endorses Minnesota Public Benefit Corporation Act

Posted admin Public Policy

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.  

For more information, please read the draft statute and the SEA-TC Endorsement Letter.

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