N.Y. Limited Liability Company Law 1201 – Definitions
§ 1201. Definitions. As used in this article, unless the context otherwise requires, the term:
Terms Used In N.Y. Limited Liability Company Law 1201
- Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
- 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.
- Foreign professional service corporation: has the meaning given to it in subdivision (d) of § 1525 of the business corporation law. See N.Y. Limited Liability Company Law 1201
- Foreign professional service limited liability company: has the meaning given to it in subdivision (a) of section thirteen hundred one of this chapter. See N.Y. Limited Liability Company Law 1201
- Licensing authority: means the regents of the university of the state of New York or the state education department, as the case may be, in the case of all professions licensed under title eight of the education law, and the appropriate appellate division of the supreme court in the case of the profession of law. See N.Y. Limited Liability Company Law 1201
- 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.
- Profession: includes any practice as an attorney and counselor-at-law, or as a licensed physician, and those professions designated in title eight of the education law. See N.Y. Limited Liability Company Law 1201
- Professional: means an individual duly authorized to practice a profession, a professional service corporation, a professional service limited liability company, a foreign professional service limited liability company, a registered limited liability partnership, a foreign limited liability partnership, a foreign professional service corporation or a professional partnership. See N.Y. Limited Liability Company Law 1201
- Professional partnership: means (1) a partnership without limited partners each of whose partners is a professional authorized by law to render a professional service within this state, (2) a partnership without limited partners each of whose partners is a professional, at least one of whom is authorized by law to render a professional service within this state or (3) a partnership without limited partners authorized by, or holding a license, certificate, registration or permit issued by the licensing authority pursuant to the education law to render a professional service within this state. See N.Y. Limited Liability Company Law 1201
- Professional service: means any type of service to the public that may be lawfully rendered by a member of a profession within the purview of his or her profession. See N.Y. Limited Liability Company Law 1201
- Statute: A law passed by a legislature.
(a) "Licensing authority" means the regents of the university of the state of New York or the state education department, as the case may be, in the case of all professions licensed under title eight of the education law, and the appropriate appellate division of the supreme court in the case of the profession of law.
(b) "Profession" includes any practice as an attorney and counselor-at-law, or as a licensed physician, and those professions designated in title eight of the education law.
(c) "Professional" means an individual duly authorized to practice a profession, a professional service corporation, a professional service limited liability company, a foreign professional service limited liability company, a registered limited liability partnership, a foreign limited liability partnership, a foreign professional service corporation or a professional partnership.
(d) "Professional service" means any type of service to the public that may be lawfully rendered by a member of a profession within the purview of his or her profession.
(e) "Professional service corporation" means (i) a corporation organized under Article 15 of the business corporation law and (ii) any other corporation organized under the business corporation law or under any other predecessor statute, which is authorized by, or holds a license, certificate, registration or permit issued by, the licensing authority pursuant to the education law to render professional services within this state.
(f) "Professional service limited liability company" means a limited liability company organized under this article.
(g) "Foreign professional service corporation" has the meaning given to it in subdivision (d) of § 1525 of the business corporation law.
(h) "Foreign professional service limited liability company" has the meaning given to it in subdivision (a) of section thirteen hundred one of this chapter.
(i) "Professional partnership" means (1) a partnership without limited partners each of whose partners is a professional authorized by law to render a professional service within this state, (2) a partnership without limited partners each of whose partners is a professional, at least one of whom is authorized by law to render a professional service within this state or (3) a partnership without limited partners authorized by, or holding a license, certificate, registration or permit issued by the licensing authority pursuant to the education law to render a professional service within this state.