Commercial Trusts: Organization Certificate - New York

Commercial Trusts: Organization Certificate is a legal document that was released by the New York State Department of Financial Services - a government authority operating within New York.

FAQ

Q: What is a Commercial Trust?
A: A commercial trust is a business entity that is created to hold and manage assets on behalf of its beneficiaries.

Q: What is an Organization Certificate?
A: An Organization Certificate is a document that must be filed with the New York Department of State to establish a commercial trust in the state.

Q: What information is required in an Organization Certificate?
A: An Organization Certificate must include the name of the commercial trust, the address of its principal office, the names and addresses of its trustees, and the purpose or purposes for which the trust is formed.

Q: Who can file an Organization Certificate?
A: The Organization Certificate must be filed by a trustee or trustees of the commercial trust.

Q: Is there a filing fee for an Organization Certificate?
A: Yes, there is a filing fee that must be paid to the New York Department of State at the time of filing.

Q: Is an Organization Certificate required for all types of commercial trusts?
A: Yes, an Organization Certificate is required for all commercial trusts established in the state of New York.

Q: Can an Organization Certificate be amended?
A: Yes, an Organization Certificate can be amended by filing a Certificate of Amendment with the New York Department of State.

Q: Are there any legal consequences for not filing an Organization Certificate?
A: Failure to file an Organization Certificate may result in penalties and can affect the legal recognition and operation of the commercial trust.