N.Y. Business Corporation Law 1703 – Formation of benefit corporations
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§ 1703. Formation of benefit corporations.
Terms Used In N.Y. Business Corporation Law 1703
- Benefit corporation: means a business corporation incorporated under this article and whose status as a benefit corporation has not been terminated as provided in this article. See N.Y. Business Corporation Law 1702
- 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.
A benefit corporation shall be formed in accordance with this chapter except that its certificate of incorporation shall also state that it is a benefit corporation.