Effective January 1, 2015, Minnesota will begin incorporating "public benefit corporations," corporate entities with a "purpose of pursuing general public benefit." The substantive difference between a GPBC and a standard corporation appear to be the duties of the director (and thus the company itself): In discharging the duties of the position of director of a general benefit corporation, a director: The result is a corporation that blends non-profit "public good" intention with the basic structure and operation of a standard corporation.
The same law will also allow the incorporation of "specific public benefit corporations," which are like general public benefit corporations except, you know, more specific.
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December 2017
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