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Transferring The 'ownership' Of A Ny 501c3

Corporate Law Discussions

Transferring The 'ownership' Of A Ny 501c3

Postby Delvon » Mon Mar 02, 2015 11:10 am

Our NY registered non-profit organization was granted 501c3 status in 2010. My co-founder who registered the non-profit would like to resign, but is arguing that the 501c3 cannot be transferred to anyone else. Is it possible to add someone else to the registry of the non-profit and to extract her?

Thanks!
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Transferring The 'ownership' Of A Ny 501c3

Postby Kildaire » Thu Mar 05, 2015 9:49 pm

No one owns a not-for-profit corporation.  The board of directors controls the corporation and, therefore, the real issue is control  The articles of incorporation and bylaws give the details as to how a member of the board would be replaced or elected and that is done often. Harvey Mechanic, Attorney at Law - [email protected]

Member of New York Bar
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