Changes to New York Business Law
October 27, 2016
A number of changes to business entity laws came out of the 2016 Session of New York’s General Assembly, including updates to Business Corporations Law, Limited Liability Company Law, and Not-for-Profit Corporation Law. Among the changes were these:
Business Corporations Law § 630 was amended to ensure that foreign corporations are subject to this section, which stipulates that the ten largest shareholders of a corporation are liable for their employees’ unpaid wages prior to ceasing operations. Domestic corporations are already subject to such provision.
Business Corporations Law § 1503 was amended and Limited Liability Company Law § 1105 was added to allow business corporations consisting of geologists to become professional service corporations or design professional service corporations by amending their certificates of incorporation. The act also allows limited liability companies to become professional service limited liability companies by amending their articles of organization.
The Fall 2016 Edition of CSC®Publishing’s New York Laws Governing Business Entities captures these and other changes, as well more than two dozen new case notes from New York state and federal courts. Also included are the full text of five new cases covering recent legal developments regarding derivative claims, going-private mergers, minority discounts and dissolution of a partnership.
The two-volume set includes a Table of Sections Affected that provides an overview of legislative changes and Blackline Amendment notes that indicate how the laws have changed. New case notes are captured in the Table of New Annotations, and gray bars in the body of the book indicate where new cases have been inserted.
The book includes publication and fee tables with publishing requirements and fees payable to the state for the different entities. The companion CD-ROM in Volume 2 contains over 100 updated fillable business entity forms. A listing of the forms can be found in the book’s appendix.
The Fall 2016 Edition is available as a two-volume softbound book or as an ebook, compatible with dedicated e-reader devices, computers, tablets and smartphones that use e-reader software or applications. It is also available on the LexisNexis Digital Library.
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To learn more about the Fall 2016 Edition of New York Laws Governing Business Entities, call 1.800.533.1637 or visit us online at www.lexisnexis.com/csc.