Minnesota Statutes 116S.08 – Annual Reports
The board shall submit annual reports to the chairs of the Committee on Commerce and Economic Development of the house of representatives and the Committee on Jobs, Energy and Community Development of the senate and to the Small Business Administration on the activities of the corporation. The board shall supply more frequent reports if requested.
Terms Used In Minnesota Statutes 116S.08
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Small business: means a business entity organized for profit, including but not limited to any individual, partnership, corporation, joint venture, association or cooperative, which entity:
(1) is not an affiliate or subsidiary of a business dominant in its field of operation; and
(2) has 20 or fewer full-time employees; or
(3) in the preceding fiscal year has not had more than the equivalent of $1,000,000 in annual gross revenues; or
(4) if the business is a technical or professional service, shall not have had more than the equivalent of $2,500,000 in annual gross revenues in the preceding fiscal year. See Minnesota Statutes 645.445