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Senate Commerce Committee Statement to Senate No. 142, New Jersey (May 16, 2022)

Summary

A Senate Commerce Committee statement of the State of New Jersey, dated May 16, 2022, reporting Senate Bill No. 142 favorably. The bill amends the business filing statutes in the New Jersey Business Corporation Act to add domestication and conversion provisions across all business entity types, which the statement says New Jersey law does not now permit and which would bring the State in line with many other states; the bill was pre-filed for the 2022-2023 session and, as reported, includes the changes required by technical review.

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Cite this document

“Senate Commerce Committee Statement to Senate No. 142, New Jersey (May 16, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-05-16-scm-s142-s1-77e68c4607/, SHA-256 6fd6e02c446e0a88bccc3a57b17e344f8c3d448c43407010e82642260fb6ad57.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 142

 STATE OF NEW JERSEY
                      DATED: MAY 16, 2022

   The Senate Commerce Committee reports favorably Senate Bill
No. 142.
   This bill modifies applicable business filing statutes contained in
the “New Jersey Business Corporation Act” by adding
domestication and conversion provisions across all business entity
types. Conversion is the process of converting from one type of
business entity to another type. Domestication is the process of an
out-of-state business entity converting to a domestic corporation.
New Jersey law currently does not permit these actions. This bill
will make New Jersey a more attractive State for the incorporation
of businesses, by bringing it in line with many other states that
allow domestication and conversion.
   This bill was pre-filed for introduction in the 2022-2023 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

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