§ 78. Renewal of licenses. A license granted under the provisions of this article may be renewed by the department of state upon application therefor by the holder thereof, in such form as such department may prescribe, accompanied by the non-refundable fee and surety bond each in amounts equivalent to those specified in section seventy-four of this article as pertaining to original licenses. The application shall be filed six weeks before the expiration date of the license unless the application is accompanied by a non-refundable late filing fee of one hundred dollars. In no event will renewal be granted more than six months after the date of expiration of a license. No person, firm, limited liability company, partnership or corporation shall carry on any business subject to this article during any period which may exist between the date of expiration of a license and the renewal thereof.

Terms Used In N.Y. General Business Law 78

  • 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.