Minnesota Public Benefit Corporation Definition
Minnesota Public Benefit Corporation
DEFINITION
A Minnesota public benefit corporation is a new type of profit-making Minnesota business in which the business pledges to pursue a general or specific benefit to society. The benefit is not necessarily related to the business the corporation operates. A PBC is formed and incorporated in the same way as a normal Minnesota business corporation. A PBC is additionally required to submit a public annual report that details how they met their public benefit. There is no tax advantage to being a public benefit corporation, or to investing in one. There are no tax deductions to investors, and the company pays corporate tax on all profits. NOTE: Registration of a public benefit corporation must be filed by mail or in person (not online).
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