There were 58,260 new businesses filed with the Office in 2013, including 4,590 in December. While just slightly less than the 60,827 business filings last year, the 2013 total is the third-highest all-time calendar year total. A great example of entrepreneurship and start-up success — and one helping other small businesses — was featured in a recent Star Tribune article.
The construction of the new multi-purpose stadium brings opportunity for veteran-owned businesses. Construction of the stadium will require nearly 4.3 million work hours and involve 7,500 tradespeople, and hundreds of local subcontractors and suppliers. For more information on project procurement opportunities and timeline, contact Lynn Littlejohn with Mortenson Construction at (763) 287-5649 or firstname.lastname@example.org, or Alex Tittle with the Minnesota Sports Facilities Authority at (612) 335-3312 or email@example.com.
Minnesota may host a high-level U.S.-Russia Innovation Working Group meeting next year, bringing together some of the most creative and successful companies from both countries to talk about how to encourage collaboration that spurs innovation. If your company has partnerships or operations in Russia, or if you have been looking at Russia as a potential market or source for raw materials, high-tech solutions or technical expertise, and would be interested in learning about opportunities that might arise with this conference, email the Office at firstname.lastname@example.org.
Each month, the Office of Secretary of State publishes a current list of vacancies on the various state councils, boards, task forces and commissions. As the appointments need bright, responsible and innovative leaders, please consider sharing the notice of vacancies with your employees. Interested persons may sign up to receive monthly notices about new vacancies.
There are two major items of business-related legislation that will receive attention from the Legislature this spring:
Public Benefit Corporations
Legislation will be offered enabling businesses to form as public benefit corporations — which will have more flexible purposes with respect to excess revenues than business corporations which focus on shareholder profit. Currently, 25 states, including Delaware, allow such corporations. Senator John Marty (DFL–Roseville) is expected to offer the bill, which has been reviewed by a Minnesota State Bar Association committee. For more information, contact Senator Marty’s office at (651) 296-5645.
Revised LLC Act
The Revised Uniform Limited Liability Company (LLC) Act (Re-ULLCA) as modified for Minnesota by a review committee of local business attorneys will be considered by the 2014 Legislature. The Minnesota State Bar Association has endorsed this revision which will affect nearly 200,000 limited liability companies formed in Minnesota since 1993. The proposed bill moves Minnesota’s LLC law from a corporate model to a partnership-based model, although certain provisions important to the old model will be retained for those LLCs formed under the existing law. It is expected that the revision, based upon the work of the Uniform Laws Commission, will be enacted.
The Office will also have a smaller bill with technical improvements and other proposals to streamline operations for consideration this session.