California Education Code 94821 – “Change in business organization form” means a change of a business …
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“Change in business organization form” means a change of a business organization’s original form, including, for example, a situation in which a sole proprietorship becomes a partnership or corporation, or when a business organization becomes a nonprofit public benefit corporation or forms a nonprofit public benefit corporation as a subsidiary to provide the educational programs for which the business organization has an approval to operate.
(Added by Stats. 2009, Ch. 310, Sec. 6. (AB 48) Effective January 1, 2010. Repealed as of January 1, 2027, pursuant to Section 94950.)
Terms Used In California Education Code 94821
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.