Legal Question in Business Law in New York
I work for a public college, which has "related entities". These are separate 501c3 not for profits, who board consists of college administrators and is operated by other college employees. Some of these entities are failing. Now the college wants to eliminate the successful one of these entities in an effort to take the assists to cover college and other related entity shortfalls. This action can adversely affect many employees of the college and more importantly employees of the coporation. It should be noted that the lead in the process serves as counsel for the college but serves on the board. is this legal? If people lose there jobs, is there any recourse? It should be noted that prior to my finding this out, counsel stated that she has been looking for ways to dissolve the corporation. This corporation, by the way, is in a surplus year over year and passes all audits and meets objectives consistently.
1 Answer from Attorneys
Thanks for your question. Nothing in your narrative suggests that the overseeing educational entity would not be permitted to do what is in its best interests. If that means dissolving poorly functioning NFPs under its control, then so be it.
What is missing is why you believe there is anything inappropriate about this? That is, while unfortunate that some might be displaced, this on its own is not a reason to enjoin that action.
I will concede that I may not have the whole picture here and would be wiling to discuss it with you. If you would like to discuss further over a free phone consult, feel free to contact me anytime that is convenient.
Kind regards,
Frank
www.LanternLegal.com
866-871-8655
DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.
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