The Pennsylvania Amendment — Domestic Business Corporation Election of Nonstick Statutory Close Status is an amendment to the commonwealth of Pennsylvania’s corporation law which allows domestic business corporations to elect nonstick statutory close status. This status provides corporations with the ability to wind down and dissolve in a streamlined manner, while ensuring that all corporate creditors are paid. There are two types of Pennsylvania Amendment — Domestic Business Corporation Election of Nonstick Statutory Close Status: voluntary and involuntary. With a voluntary election, a domestic business corporation can proactively elect nonstick status provided that it has paid all creditors and met certain other requirements. An involuntary election may be made by the court in the event that a corporation fails to pay its corporate creditors. This amendment provides corporations with an efficient way to close business operations, while still providing creditors with an avenue to receive due payments.
Pennsylvania Amendment - Domestic Business Corporation Election of Nonstock Statutory Close Status
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Does Pennsylvania require corporate bylaws? Pennsylvania's statute's don't explicitly state that you need corporate bylaws. However, Pennsylvania Consolidated Statute § 1310 implies the necessity of bylaws by stating that an organizing meeting ?shall be held? for the purpose of adopting bylaws.?
(b) Action by consent. --Unless otherwise restricted in the bylaws, any action required or permitted to be approved at a meeting of the directors may be approved without a meeting by a consent or consents to the action in record form.
Title 15 - CORPORATIONS AND UNINCORPORATED ASSOCIATIONS.
Pennsylvania professional corporations are owned by shareholders who hold stock in the business.
PENNSYLVANIA'S NEW ENTITY TRANSACTION LAW MAKES IT EASIER TO CONVERT A LLC TO A CORPORATION. On July 1, 2015, Pennsylvania's new Entity Transaction Law went into effect and made it easier, faster, and cheaper for business entities to engage in ?fundamental transactions? with another business entity.
--Unless otherwise restricted in the bylaws, any action required or permitted to be taken at a meeting of the shareholders or of a class of shareholders of a business corporation may be taken without a meeting if a consent or consents to the action in record form are signed, before, on or after the effective date of
C Corporation. A Statutory Close Corporation is a corporation that has filed an election or supplement for special status in its Articles of Incorporation or through an amendment to its entity formation documents.
Nonprofit corporations are those corporations whose members or shareholders may not receive any of the pecuniary monetary profits of the corporation.