It is that time of year again! If your Minnesota Public Benefit Corporation (either a GBC or an SBC) was formed prior to January 1, 2018, you need to file an Annual Benefit Report with the Minnesota Secretary of State. These reports are required even if your company was formed or converted into a Public Benefit Corporation late in 2017. These reports are not due if you formed or converted your company after January 1, 2018. If you have already filed your Annual Benefit Report, Great Job! You can ignore this email.
Attached please find a template to assist you with preparing your Annual Benefit Report. This is only a template, so if you use it, please insert the information where indicated and make sure you remove the prompts and sections that do not apply to your organization. This template only sets forth the legal minimum of what is required. There is nothing to stop you from filing (and posting on your website) a more elaborate and robust Annual Benefit Report.
As a service to the Public Benefit Corporation community here in Minnesota, I can assist with some aspects of the preparing and filing of these Annual Benefit Reports. While I cannot do the work for you, I am willing to assist and facilitate the preparation and filing of your report.
Please remember that the Secretary of State will not accept reports after Friday, March 30 so please do not mail your report on Friday, March 30 (or even the day or two before) and expect it be timely filed. The report will be late if the report is not physically at the Minnesota Secretary of State by Friday, March 30. The report will also need to be accompanied by a $35 check payable to the MN Secretary of State.
If you are wondering who I am, I chaired the drafting committee that drafted the Minnesota Public Benefit Corporation Act. I continue to work closely with the Minnesota Secretary of State’s office when it comes to Public Benefit Corporations.
you require assistance, please reach out to me and hopefully I can help.
Interested in more detail associated to this article?Download Minnesota Public Benefit Company Annual Benefit Report Due Friday, March 30th
For almost 20 years Kim Lowe has lawyered from the trenches. Kim lawyers from experience, using her knowledge of the law and understanding of how both for-profit and nonprofit business enterprises operate.