Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 29, 2016 |
recommit, enacting clause stricken |
Jan 06, 2016 |
referred to corporations, authorities and commissions returned to senate died in assembly |
Jun 18, 2015 |
referred to corporations, authorities and commissions delivered to assembly passed senate ordered to third reading cal.1839 |
Jun 08, 2015 |
referred to rules |
Senate Bill S5848
2015-2016 Legislative Session
Sponsored By
(D) 14th Senate District
Archive: Last Bill Status - Stricken
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
Votes
co-Sponsors
(R, C, IP) Senate District
2015-S5848 (ACTIVE) - Details
- Law Section:
- Not-for-Profit Corporation Law
- Laws Affected:
- Amd ยง104, N-PC L
2015-S5848 (ACTIVE) - Sponsor Memo
BILL NUMBER:S5848 TITLE OF BILL: An act to amend the not-for-profit corporation law, in relation to allowing certain entities to convert their status of filing as a not-for-profit organization to a for-profit entity PURPOSE: To allow certain entities to convert their status as a not-forprofit organization to a for-profit entity SUMMARY OF PROVISIONS: Section 1 amends Section 104 of the not-for-profit corporation law by adding a new paragraph (h) to allow certain entities to convert its filing from a not-for-profit corporation to a for-profit corporation if the incorporator submits a sworn statement and outlines the requirements for the sworn statement. JUSTIFICATION: Enterprising business entrepreneurs are often advised to incorporate a business to protect personal assets from loss suffered by the business in the event of lawsuits. Incorporation of a business however, often carries high costs, including legal fees which can be too costly for someone with only a dollar and a dream. To save money, entrepreneurs
2015-S5848 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5848 2015-2016 Regular Sessions I N S E N A T E June 8, 2015 ___________ Introduced by Sens. COMRIE, GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Rules AN ACT to amend the not-for-profit corporation law, in relation to allowing certain entities to convert their status of filing as a not- for-profit organization to a for-profit entity THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 104 of the not-for-profit corporation law is amended by adding a new paragraph (h) to read as follows: (H) A BUSINESS INADVERTENTLY INCORPORATED, AS A NOT-FOR-PROFIT CORPO- RATION UNDER SECTION FOUR HUNDRED TWO OF THIS CHAPTER SHALL BE PERMITTED TO CONVERT ITS STATUS OF FILING AS A NOT-FOR-PROFIT CORPORATION TO A FOR-PROFIT CORPORATION UNDER SECTION FOUR HUNDRED TWO OF THE BUSINESS CORPORATION LAW IF THE INCORPORATOR OR INCORPORATORS SUBMIT SWORN STATE- MENTS UNDER THE PENALTIES OF PERJURY CERTIFYING THE FOLLOWING: (1) THE INADVERTENT FILING WAS DUE TO IGNORANCE OF THE LAW AND THAT LEGAL ADVICE HAD NOT BEEN SOUGHT OR RECEIVED AS TO THE APPROPRIATE COURSE OF ACTION THAT WOULD HAVE RESULTED IN CORRECT REGISTRATION ALLOW- ING FOR THE INTENDED FOR-PROFIT OPERATION OF THE ENTITY; (2) THE ENTITY AT NO TIME RECEIVED THE BENEFITS AND/OR PRIVILEGES OF BEING RECOGNIZED AS A NOT-FOR-PROFIT CORPORATION, SUCH AS BEING EXEMPT FROM INCURRING ANY LOCAL, STATE, OR FEDERAL TAXES; (3) THE ENTITY THROUGHOUT ITS OPERATION REGISTERED AS A NOT-FOR-PROFIT CORPORATION DID NOT AT ANY TIME SOLICIT AND/OR RECEIVE ANY PRIVATE AND/OR PUBLIC GRANTS OR CHARITABLE DONATIONS; AND (4) THE OFFICE OF THE ATTORNEY GENERAL HAS NOT FILED AN OBJECTION TO THE CONVERSION. S 2. This act shall take effect on the thirtieth day after it shall have become a law. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD11296-04-5
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