Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 03, 2014 |
print number 5097a |
Mar 03, 2014 |
amend and recommit to corporations, authorities and commissions |
Jan 08, 2014 |
referred to corporations, authorities and commissions |
May 08, 2013 |
referred to corporations, authorities and commissions |
Senate Bill S5097A
2013-2014 Legislative Session
Sponsored By
(R, C, IP) Senate District
Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- 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
Bill Amendments
2013-S5097 - Details
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Limited Liability Company Law
- Laws Affected:
- Amd §§102, 203, 204, 211 & 701, Lim Lil L
2013-S5097 - Sponsor Memo
BILL NUMBER:S5097 TITLE OF BILL: An act to amend the limited liability company law, in relation to low-profit limited liability companies PURPOSE: To authorize the creation of a new kind of company, the low-profit limited liability company. SUMMARY OF PROVISIONS: Section 1 Amends § 102 of the Limited Liability Company Law § 102 by adding a new subdivision (ii) to define "Low-profit limited liability company" as an LLC that satisfies at all times the following requirements: (i) to accomplish one or more charitable or educational purposes within the meaning of section 170(c)(2)(B) of the Internal Revenue Code, and would not have been formed but for its relationship to the accomplishment of charitable or educational purposes; (ii) its purpose is not the production of income or the appreciation of property; and (iii) does not engage in political activities or or legislative purposes within the meaning of IRS code 170(c)(2)(D). Section 2. Amends § 203(e) of the limited liability company law by adding a new paragraph (7) as a statement of purpose of formation of the company that the company is a low-profit limited liability company.
2013-S5097 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5097 2013-2014 Regular Sessions I N S E N A T E May 8, 2013 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions AN ACT to amend the limited liability company law, in relation to low- profit limited liability companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 102 of the limited liability company law is amended by adding a new subdivision (ii) to read as follows: (II) "LOW-PROFIT LIMITED LIABILITY COMPANY" MEANS A LIMITED LIABILITY COMPANY THAT HAS SET FORTH IN ITS ARTICLES OF ORGANIZATION A BUSINESS PURPOSE THAT SATISFIES, AND THAT IS AT ALL TIMES OPERATED TO SATISFY, EACH OF THE FOLLOWING REQUIREMENTS: (I) THE LIMITED LIABILITY COMPANY SIGNIFICANTLY FURTHERS THE ACCOM- PLISHMENT OF ONE OR MORE CHARITABLE OR EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 170(C)(2)(B) OF THE INTERNAL REVENUE CODE OF 1986 (26 U.S.C. S 170(C)(2)(B)), AND WOULD NOT HAVE BEEN FORMED BUT FOR ITS RELATIONSHIP TO THE ACCOMPLISHMENT OF CHARITABLE OR EDUCATIONAL PURPOSES; (II) NO SIGNIFICANT PURPOSE OF THE LIMITED LIABILITY COMPANY IS THE PRODUCTION OF INCOME OR THE APPRECIATION OF PROPERTY; PROVIDED, HOWEVER, THAT THE FACT THAT THE LIMITED LIABILITY COMPANY PRODUCES SIGNIFICANT INCOME OR CAPITAL APPRECIATION SHALL NOT, IN THE ABSENCE OF OTHER FACTORS, BE CONCLUSIVE EVIDENCE OF A SIGNIFICANT PURPOSE INVOLVING THE PRODUCTION OF INCOME OR THE APPRECIATION OF PROPERTY; AND (III) NO PURPOSE OF THE LIMITED LIABILITY COMPANY IS TO ACCOMPLISH ONE OR MORE POLITICAL OR LEGISLATIVE PURPOSES WITHIN THE MEANING OF SECTION 170(C)(2)(D) OF THE INTERNAL REVENUE CODE OF 1986 (26 U.S.C. S 170(C)(2)(D)). EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10810-01-3 S. 5097 2
2013-S5097A (ACTIVE) - Details
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Limited Liability Company Law
- Laws Affected:
- Amd §§102, 203, 204, 211 & 701, Lim Lil L
2013-S5097A (ACTIVE) - Sponsor Memo
BILL NUMBER:S5097A TITLE OF BILL: An act to amend the limited liability company law, in relation to low-profit limited liability companies PURPOSE: To authorize the creation of a new kind of company, the low-profit limited liability company. SUMMARY OF PROVISIONS: Section 1 Amends § 102 of the Limited Liability Company Law § 102 by adding a new subdivision (ii) to define "Low-profit limited liability company" as an LLC that satisfies at all times the following requirements: (i) to accomplish one or more charitable or educational purposes within the meaning of section 170(c)(2)(B) of the Internal Revenue Code, and would not have been formed but for its relationship to the accomplishment of charitable or educational purposes; (ii) its purpose is not the production of income or the appreciation of property; and (iii) does not engage in political activities or or legislative purposes within the meaning of IRS code 170(c)(2)(D). Section 2. Amends § 203(e) of the limited liability company law by adding a new paragraph (7) as a statement of purpose of formation of the company that the company is a low-profit limited liability
2013-S5097A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 5097--A 2013-2014 Regular Sessions I N S E N A T E May 8, 2013 ___________ Introduced by Sen. GOLDEN -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commissions -- recommitted to the Committee on Corporations, Authorities and Commissions in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the limited liability company law, in relation to low- profit limited liability companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 102 of the limited liability company law is amended by adding a new subdivision (ii) to read as follows: (II) "LOW-PROFIT LIMITED LIABILITY COMPANY" MEANS A LIMITED LIABILITY COMPANY THAT HAS SET FORTH IN ITS ARTICLES OF ORGANIZATION A BUSINESS PURPOSE THAT SATISFIES, AND THAT IS AT ALL TIMES OPERATED TO SATISFY, EACH OF THE FOLLOWING REQUIREMENTS: (I) THE LIMITED LIABILITY COMPANY SIGNIFICANTLY FURTHERS THE ACCOM- PLISHMENT OF ONE OR MORE PURPOSES WITHIN THE MEANING OF SECTION 170(C)(2)(B) OF THE INTERNAL REVENUE CODE OF 1986 (26 U.S.C. S 170(C)(2)(B)), AND WOULD NOT HAVE BEEN FORMED BUT FOR ITS RELATIONSHIP TO THE ACCOMPLISHMENT OF SUCH PURPOSES; (II) NO SIGNIFICANT PURPOSE OF THE LIMITED LIABILITY COMPANY IS THE PRODUCTION OF INCOME OR THE APPRECIATION OF PROPERTY; PROVIDED, HOWEVER, THAT THE FACT THAT THE LIMITED LIABILITY COMPANY PRODUCES SIGNIFICANT INCOME OR CAPITAL APPRECIATION SHALL NOT, IN THE ABSENCE OF OTHER FACTORS, BE CONCLUSIVE EVIDENCE OF A SIGNIFICANT PURPOSE INVOLVING THE PRODUCTION OF INCOME OR THE APPRECIATION OF PROPERTY; AND (III) NO PURPOSE OF THE LIMITED LIABILITY COMPANY IS TO ACCOMPLISH ONE OR MORE POLITICAL OR LEGISLATIVE PURPOSES WITHIN THE MEANING OF SECTION 170(C)(2)(D) OF THE INTERNAL REVENUE CODE OF 1986 (26 U.S.C. S 170(C)(2)(D)). EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10810-03-4
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