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Study Committee Report 5-3-06 1 (May 3, 2006)

handle is hein.nccusl/nccpub01005 and id is 1 raw text is: May 3, 2006 Report of the Study Committee on an Omnibus Business Organizations Code 1. Background The Study Committee was authorized in 2002. The Committee's charge, contained in the Executive Committee resolution approving its creation was as follows: The Study Committee's charge is to investigate the feasibility of a Business Organization Code that would include both profit and not-for-profit, corporate and non-corporate business organizations. The study should include a survey of business organization forms, statutes, and regulations in other countries. The Committee shall file a written report with the Scope and Program Committee on or before May 31, 2004, containing recommendations with respect to the following issues: 1. Whether a drafting project of this nature should be undertaken; and if so 2. What types of organizations should be included; 3. What format and structure should this code have, e.g., an article with provisions that are common to all the covered organizations and separate articles for each type of organization; 4. Whether the number of business entity forms should be reduced, e.g., one corporate form, one non-corporate form, and if included, one non-profit form, or alternatively, one form for closely-held businesses and one form for publicly-traded businesses; 5. The impact of this Code on Model and Uniform business entity acts that are already promulgated and on existing business entitles formed under these existing statutes; 6. The impact of this Code on other business organization drafting projects that are underway at the time this project begins; 7. How to organize the drafting committee in a way that several different drafting projects can be undertaken simultaneously (e.g., a subcommittee assigned the task of drafting the common provisions and separate drafting subcommittees for each type of organization included in the Code); The Study Committee held an all-day meeting in Austin, Texas on January 21, 2006. Commissioner Harriet Lansing of Minnesota on behalf of NCCUSL and William Clark of Pennsylvania on behalf of the ABA were the co-chairs of the Study Committee and Professor Robert Hamilton of the University of Texas at Austin School of Law and Commissioner Harry Haynsworth of Minnesota were appointed as the co-reporters. Altogether 12 commissioners, 12 1886005vl

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