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Transferring The 'ownership' Of A Ny 501c3

Corporate Law Discussions

Transferring The 'ownership' Of A Ny 501c3

Postby Wulfgar » Tue Aug 30, 2016 7:15 pm

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

Postby Tally » Wed Aug 31, 2016 10:21 pm

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!
Tally
 
Posts: 53
Joined: Wed Jan 01, 2014 11:44 am

Transferring The 'ownership' Of A Ny 501c3

Postby Jonn » Fri Sep 02, 2016 5:17 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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