MN Secretary of State Business Newsletter

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Volume 2, Issue 3

July 2014

New Business Filings Up in First Half of 2014

In the first half of 2014, there were 31,502 new entity filings with the Secretary of State compared to the 31,060 reported in the first half of 2013. Read the news.

2014 First-Quarter Economic and Business Conditions Reports

The first in a series of Minnesota regional economic and business conditions reports was issued in May, developed by the St. Cloud State University School of Public Affairs Research Institute with the Office of Secretary of State. The reports are the first to analyze Minnesota on a regional basis with customized economic reviews and forecasts based on a comprehensive examination of several datasets, including business filings. Among the highlights of the report are regional maps that plot where new businesses have been registered over the past 14 years, the first time business filing data have been mapped. The 2014 Second Quarter Reports will be issued later this summer.

Legislative Recap

• Public Benefit Corporations
As of January 1, 2015, Minnesota businesses will be able to form as public benefit corporations — which allow more flexible uses of profits than just dividends to shareholders. Currently, 25 states, including Delaware, allow such corporations.

• Pre-filing Document Review
Beginning August 1, the Office of Secretary of State will, for a fee of $250, conduct a review of business entity documents prior to filing. The documents will typically be reviewed in advance of complex transactions to assure filing when the transaction closing date occurs.

• Conversions
Beginning August 1, a Minnesota domestic corporation or LLC can convert to a foreign corporation or LLC — or vice versa. Conversions benefit businesses and owners by providing flexibility and transparency to become other entity types without a taxable event occurring in most cases. 

New Online Tool Allows Voters to Request Absentee Ballots

Minnesota voters can now request an absentee ballot online at mnvotes.org, the Secretary of State’s online hub for voters. This service makes it possible for all eligible voters to apply for an absentee ballot quickly — and saves time by avoiding the polling place on Election Day. Voters may request an absentee ballot for both the August 12 Primary Election and November 4 General Election; ballots for the General Election will be available September 19.

Voters may use “Absentee Ballot Lookup” to find the status of their ballot, such as when it was mailed, and if their completed ballot was received and accepted by their local elections office. Voters can use “My Ballot” to view their sample ballot and find links to candidates’ websites. Minnesotans can also vote absentee in person at their county elections office orlocal elections office.

In 2013, the division recorded more than 58,000 new business filings. For the 2014–2015 biennium, the division projects collecting $30 million in business filings and other fees which are deposited into the state’s general fund.

OFFICE OF THE MINNESOTA SECRETARY OF STATE

Business Services | 60 Empire Dr., Suite 100 | St. Paul, MN 55103
651-296-2803 or 1-877-551-6767 
business.services@state.mn.us | www.sos.state.mn.us | Directions

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