H 732 (see companion bill S 647) – North Carolina

Status: Inactive / Dead
Year Introduced: 2019
Link: https://www.ncleg.gov/BillLookUp/2019/H732

Nonprofit Mergers/Incr.Charit.Solic.Exempts: Amends GS 55A-11-02 (limitations on mergers by charitable or religious corporations) by adding new subdivision (a)(5) allowing the merger of a nonprofit corporation with a limited liability company whose sole member is a charitable or religious corporation or a foreign corporation which would qualify as either one and that is disregarded for income tax purposes. Requires before a merger the limited liability company meet two conditions, that the owner be exempt from income tax and that the company be a nonprofit entity eligible for a tax exemption if it were not disregarded for income tax purposes.

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