What are some of the unique New York legal quirks, as far as, corporate names are concerned?

Jul 14, 2021

Law Offices of John Kiritsis, Esq. Phone: 212-922-0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

 

It should be noted that the governing rules and regulations, as pertaining to New York business corporations is the NY BCL (Business Corporation Law).  A look at the underlying statutes and regulations revolving any specific legal issues, with regards to New York business corporation, would typically need to be qualified as being an area of the law, subject to significant and constant changes.

 

The name of a business corporation generally must contain the word “corporation”, “incorporated” or “limited”, or an abbreviation of one of such words as set out by the statutory provision legal text, which as of recently was confined within the Sections 300s of the BCL. Some phrases and many words are not permitted in corporate names or are permitted only with the consent of a particular state agency (See Section 301 of the BCL). A commonly cited example, is with regards to the word term “insurance”, which may not be used without the approval of the superintendent of financial services.  Another frequently mentioned example is with regards to the word term “school” which may not be used without the approval of the commissioner of education.

 

Unlike many States, it is worth keeping in perspective, that New York has not adopted, and it does not appear to consider adopting any time soon, the model business corporation code.

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