Skip to content
  • CAREERS
  • CONTACT US
Search
Close this search box.
anthony ostlund logo
  • PEOPLE
  • LITIGATION
    • APPEALS
    • COMPLEX COMMERCIAL LITIGATION
    • EMPLOYMENT LITIGATION
    • FRAUD AND FIDUCIARY DUTY
    • FINANCIAL LITIGATION
    • OWNER/SHAREHOLDER DISPUTES
    • PLAINTIFF CONTINGENCY CASES
    • PROFESSIONAL MALPRACTICE
    • REAL ESTATE LITIGATION
    • TRUSTS AND ESTATES LAW
  • SUCCESSES
  • NEWS
  • ABOUT
  • FEE ARRANGEMENTS
Menu
  • PEOPLE
  • LITIGATION
    • APPEALS
    • COMPLEX COMMERCIAL LITIGATION
    • EMPLOYMENT LITIGATION
    • FRAUD AND FIDUCIARY DUTY
    • FINANCIAL LITIGATION
    • OWNER/SHAREHOLDER DISPUTES
    • PLAINTIFF CONTINGENCY CASES
    • PROFESSIONAL MALPRACTICE
    • REAL ESTATE LITIGATION
    • TRUSTS AND ESTATES LAW
  • SUCCESSES
  • NEWS
  • ABOUT
  • FEE ARRANGEMENTS

Minnesota Public Benefit Corporation: Vehicle for Public Good or Abuse?

  • November 10, 2014
November 10, 2014
Attorney at Law Magazine – Twin Cities Edition
Author: Vincent Louwagie

Starting Jan. 1, 2015, Minnesota will have a new business entity that is already available in over 20 other states: the public benefit corporation.

A public benefit corporation is intended to be a socially- conscious organization that commits to making business decisions not just for the financial benefit of its owners, but also to pursue or create a public benefit. The act, while well-intended, lacks meaningful enforcement provisions and may invite abuse.

The legislature (with extensive drafting assistance from the bar) desired to provide a mechanism for socially-minded entrepreneurs to run their businesses for a public benefit, but to protect them from shareholder criticism for not putting profits first. The statute, in effect, gives such entrepreneurs a way to brand their businesses as socially-minded. The price of that branding opportunity is that the board must consider (and presumably, must be able to prove it considered) the public benefit. The other price of the brand is the annual report, which must be filed with the secretary of state’s office describing the public benefit corporation’s pursuit of the public benefit.

related attorneys

Loading...

Vincent D. Louwagie

related practice areas

Loading...
AO-logo-initials

90 SOUTH 7TH STREET, SUITE 3600
MINNEAPOLIS, MN 55402
P 612.349.6969       F 612.349.6996

 

© 2021 ANTHONY OSTLUND LOUWAGIE DRESSEN BOYLAN P.A.
ALL RIGHTS RESERVED.

  • 651•312•6500
  • 651•312•6618
  • People
  • Litigation
  • Successes
  • News
  • About
  • Fee Arrangements
  • Careers
  • Contact
  • People
  • Litigation
  • Successes
  • News
  • About
  • Fee Arrangements
  • Careers
  • Contact
  • PEOPLE
  • LITIGATION
    • APPEALS
    • COMPLEX COMMERCIAL LITIGATION
    • EMPLOYMENT LITIGATION
    • FRAUD AND FIDUCIARY DUTY
    • FINANCIAL LITIGATION
    • OWNER/SHAREHOLDER DISPUTES
    • PLAINTIFF CONTINGENCY CASES
    • PROFESSIONAL MALPRACTICE
    • REAL ESTATE LITIGATION
    • TRUSTS AND ESTATES LAW
  • SUCCESSES
  • NEWS
  • ABOUT
  • FEE ARRANGEMENTS
  • PEOPLE
  • LITIGATION
    • APPEALS
    • COMPLEX COMMERCIAL LITIGATION
    • EMPLOYMENT LITIGATION
    • FRAUD AND FIDUCIARY DUTY
    • FINANCIAL LITIGATION
    • OWNER/SHAREHOLDER DISPUTES
    • PLAINTIFF CONTINGENCY CASES
    • PROFESSIONAL MALPRACTICE
    • REAL ESTATE LITIGATION
    • TRUSTS AND ESTATES LAW
  • SUCCESSES
  • NEWS
  • ABOUT
  • FEE ARRANGEMENTS
search
disclaimer
Linkedin
Join Our Email List

© 2021 ANTHONY OSTLUND LOUWAGIE DRESSEN BOYLAN P.A. ALL RIGHTS RESERVED.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT