Minnesota Statutes 304A.101 – Incorporation of a Public Benefit Corporation
Subdivision 1.Incorporation.
A public benefit corporation must be incorporated in accordance with chapter 302A, and its articles must also state that the public benefit corporation is a:
Terms Used In Minnesota Statutes 304A.101
- 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.
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
(1) general benefit corporation;
(2) general benefit corporation that also elects to pursue a specific public benefit purpose as stated in its articles; or
(3) a specific benefit corporation that elects to pursue a specific public benefit purpose as stated in its articles.
Subd. 2.Name requirements.
A public benefit corporation name must comply with the requirements of section 302A.115 other than subdivision 1, paragraph (b), and with respect to:
(1) a general benefit corporation, contain the words “general benefit corporation,” or the abbreviation “GBC;” and
(2) a specific benefit corporation, contain the words “specific benefit corporation,” or the abbreviation “SBC.”