NY S08330

Amends the Business Corporation Law to define "other business entity" to include professional service limited liability companies formed under New York's Limited Liability Company Law.

Permits professional service corporations to merge with professional service limited liability companies and other business entities practicing the same profession, with the surviving entity able to be a professional service limited liability company instead of only a professional service corporation.

Suspends restrictions on membership interest transfers in surviving professional service limited liability companies for up to 30 days following merger or consolidation, provided ineligible persons cannot vote or receive distributions and all membership interests revert to eligible members afterward.

Requires surviving professional service limited liability companies to comply with all provisions of the Limited Liability Company Law and restricts the practice of professions to entities properly formed or authorized under New York law.

Takes effect immediately upon enactment.