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Who cares
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Sponsors
3 Multi-sponsors
History
- Reported referred to rules
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Allows a professional service limited liability company to be surviving business entity in the case of a merger with a professional service corporation
In Senate Committee · Rules · Sponsor David J. Valesky
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:A246
Title of bill
An act to amend the business corporation law, in relation to providing that the surviving business entity in the case of a merger between a professional service corporation and a professional service limited liability company may be a professional service limited liability company
Purpose
To allow a surviving business entity of a merger between a professional service corporation and a professional service limited liability company to be a limited liability company.
Summary of provisions
Section 1 amends section 1501 of the business corporation law, as added by chapter 974 of the laws of 1970, to create the definition of "Other business entity."
Section 2 amends section 1516 of the business corporation law, as amended by chapter 851 of the laws of 1992, to providing that the surviving business entity in the case of a merger between a professional service corporation and a professional service limited liability company may be a professional service limited liability company.
Section 3 establishes an effective date.
Justification
Under current law, when a professional service corpo- ration and a professional service limited liability company merge, the surviving business entity must be a corporation. This does not take into account the legal needs of the surviving entity and is inconsistent with other law. This bill would resolve this problem by allowing a surviving business entity from such a merger to be a LLC.
Legislative history
2007-2008: A.11360
Fiscal implications
None
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.