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Who cares
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Sponsors
1 Co-sponsor
History
- Signed chap.564
- Delivered to governor
- Returned to senate
- Passed assembly
- Ordered to third reading rules cal.390
- Substituted for A678
- Referred to corporations, authorities and commissions
- Delivered to assembly
- Passed senateVote 58–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.546
Show 1 earlier action
- 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
Assembly Floor Calendar · Sponsor William Magnarelli
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S4308
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 provide 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 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
2009-2010: A.246 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.