§ 304A.101 — Incorporation of a Public Benefit Corporation
Plain-Language Summary
A public benefit corporation must be formed under Minnesota's general business corporation law in chapter 302A, with its articles of incorporation also stating whether it is a general benefit corporation (GBC) or a specific benefit corporation (SBC). General benefit corporations must include 'GBC' or 'general benefit corporation' in their name, and specific benefit corporations must include 'SBC' or 'specific benefit corporation' in their name.
304A.101 INCORPORATION OF A PUBLIC BENEFIT CORPORATION.
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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:
(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.”
History:
History: History:
2014 c 172 s 4