Legal Question in Business Law in New York

can a corporation extend its operations through a consolidation

Asked on 4/01/12, 4:43 pm

1 Answer from Attorneys

Nancy Delain Delain Law Office, PLLC
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That depends on the corporation.

Most corporations are formed for "any lawful purpose" in New York, so would not need to consolidate to expand its operations; they can just expand their operations. If, though, the Articles of Formation cite a specific purpose for the formation of the corporation, the corporation cannot act outside of that purpose, whether it is consolidated or not. The Articles of Formation can be amended to reflect the new purpose.

If the corporation is a non-profit or not-for-profit, all bets are off. These corporations are formed for specific purposes, and they must adhere to those purposes or they lose their tax-privileged status.

Please feel free to call my office if you wish to set up a meeting to discuss this further.

THIS POST CONTAINS GENERAL INFORMATION AND IS INTENDED FOR ENTERTAINMENT PURPOSES ONLY. IT DOES NOT CONSTITUTE LEGAL ADVICE, NOR DOES IT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP. FOR LEGAL ADVICE ON YOUR PARTICULAR MATTER, CONSULT YOUR ATTORNEY.

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4/05/12, 4:58 pm

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