New York § 508 - 508Income from corporate activities
Full text of New York New York Consolidated Laws § 508 — 508Income from corporate activities, with citation guidance and answers to common questions.
§ 508. 508Income from corporate activities
§ 508. Income from corporate activities. A corporation whose lawful activities involve among other things the charging of fees or prices for its services or products shall have the right to receive such income and, in so doing, may make an incidental profit. All such incidental profits shall be applied to the maintenance, expansion or operation of the lawful activities of the corporation, and in no case shall be divided or distributed in any manner whatsoever among the members, directors, or officers of the corporation.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 508
What does New York Consolidated Laws § 508 cover?
Section 508 ("508Income from corporate activities") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 508?
A common citation format is "New York Consolidated Laws § 508" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 508 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.