Terms Used In N.Y. General Business Law 75

  • 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.

Immediately upon the receipt of the license certificate issued by the department of state pursuant to this article, the licensee named therein shall cause such license certificate to be posted up and at all times displayed in a conspicuous place in the bureau, agency, sub-agency, office or branch office for which it is issued, so that all persons visiting such place may readily see the same. Such license certificate shall at all reasonable times be subject to inspection by the secretary of state or an authorized representative or representatives of the department of state. It shall be unlawful for any person, firm, partnership, limited liability company or corporation holding such license certificate to post such certificate or to permit such certificate to be posted upon premises other than those described therein or to which it has been transferred pursuant to the provisions of this article, or knowingly to alter, deface or destroy any such license certificate. Every license certificate shall be surrendered to the department of state within seventy-two hours after its terms shall have expired or after notice in writing to the holder that such license has been revoked. Failure to comply with any of the provisions of this section is a misdemeanor and sufficient cause for the revocation of a license.