Skip to main content

New York – Law Allows Certain Not-For-Profit Corporations to Convert to a For-Profit Corporation

Assembly Bill 8116 (Chapter 451) signed by the governor and effective November 28 until May 28, 2017 allows certain not-for-profit corporations to convert to a for-profit corporation if the incorporator submits  to the attorney general a certification that legal advice had not been sought or received prior to incorporation, the entity at no time received tax exemption or other benefits of a not-for-profit corporation, the entity did not solicit and receive private or public grants or charitable donations, and the attorney general has indicated it does not object to or approves the conversion.