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

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 142, State of New Jersey, dated May 16, 2022, reporting the bill favorably. The bill adds domestication and conversion provisions across all business entity types to the business filing statutes of the "New Jersey Business Corporation Act." The statement defines conversion as changing from one type of business entity to another and domestication as an out-of-state business entity converting to a domestic corporation, neither of which New Jersey law currently permits. It states that the bill will bring New Jersey in line with many other states that allow these actions.

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“Senate Commerce Committee Statement to Senate, No. 142 — State of New Jersey (May 16, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/s142-scm-statement-5-16-22-041d7fd7b4/, SHA-256 d962657dbb2754194962e78a6fa9046caaa518c4e00b6e582c4a26209e24f66f.

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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