What's happening
Writing a plain-English summary… Track this bill to get it by email.
Why it matters
Albany, before your first meeting.
Every bill that moved yesterday, summarized in a sentence and ranked by impact. The Albany Scorecard follows on Sundays.
Free. Unsubscribe in one click. Want alerts on specific bills? Create an account.
Who cares
Headline styles
Sponsors
No co-sponsors yet.
History
- Referred to rules
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 Assembly Committee · Rules · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S8330
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 compa- ny
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 corporation and a profes- sional 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.