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Legal Disclaimer
You are responsible for reading, understanding and agreeing to the National Law Review s (NLR’s) and the National Law Forum LLC s Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only. Any legal analysis, legislative updates or other content and links should not be construed as legal or professional advice or a substitute for such advice. No attorney-client or confidential relationship is formed by the transmission of information between you and the National Law Review website or any of the law firms, attorneys or other professionals or organizations who include content on the National Law Review website. If you require legal or professional advice, kindly contact an attorney or other suitable professional advisor.
Section 189 of the California General Corporation Law defines subsidiary as follows: (a) Except as provided in subdivision (b), “subsidiary” of a specified corporation means a corporation shares of which possessing more than 50 percent of the voting power are owned directly or indirectly through one or more subsidiaries by the specified corporation.
(b) For the purpose of Section 703, “subsidiary” of a specified corporation means a corporation shares of which possessing more than 25 percent of the voting power are owned directly or indirectly through one or more subsidiaries as defined in subdivision (a) by the specified corporation.
Because this definition, a corporation qualifies as a subsidiary only if it is a California corporation. This means that a Delaware corporation is not a subsidiary even when all of its outstanding shares are owned by a California corporation. It also means that a limited liability company, whether formed under California or another
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The California General Corporation Law defines foreign association as a business organization organized as a trust under the laws of a foreign jurisdiction. Cal. Corp. Code § 170. For purposes of Chapter 21 of the GCL, a foreign corporation includes a foreign association, unless otherwise provided. Cal. Corp. Code § 171. Consequently, a foreign business trust that transacts intrastate business in California must obtain a certificate of qualification from the California Secretary of State. Cal. Corp. Code § 2105(a).
Foreign corporations that have qualified to transact intrastate business in California must file a Statement of Information with the California Secretary of State within 90 days of registering with the California Secretary of State, and every year thereafter during a specific 6-month filing period based on the original registration date. Seemingly, this requirement would pertain to a for
Are Foreign Trusts Required to File a Statement of Information? natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.