New York Laws
Article 2 - Limited-Profit Housing Companies
16 - Limited-Profit Housing Companies; Partnership Relations.

(b) Any partner (general or limited) of any partnership (general or
limited) in which a company is a partner (general or limited) may be the
owner or holder of any shares, bonds, income debentures, notes or other
securities of such company.
(c) Any company which is a partner (general or limited) in any such
partnership (general or limited) may exercise all the rights and powers
and shall be subject to all the duties and obligations of a company in
accordance with this article.
2. The capital structure of a company which is a partner (general or
limited) in a partnership (general or limited) formed pursuant to
paragraph (a) of subdivision one of section sixteen may include
withdrawals from the capital of such a partnership (general or limited).
The provisions of this article relating to shares and income
debentures shall be deemed to include withdrawals from the capital of a
partnership (general or limited) of which a company is a partner
(general or limited).
3. For the purposes of this section, the term partner shall be deemed
to include a member of a limited liability company, and the term
partnership shall be deemed to include a limited liability company,
provided there is disclosure of the identity of the managing member,
including the identity of the natural person who is responsible for the
housing development. Notwithstanding any provision of this section to
the contrary, any change in general partner of a partnership or managing
member of a limited liability company shall be subject to the prior,
written approval of the commissioner or supervising agency.

Structure New York Laws