Many suspect the move is not being made for financial reasons but to evade prosecution in New York state. (Though headquartered in Virginia, the NRA was incorporated in New York in 1871.) As their Attorney-General put it in a statement, the state will review the NRA’s filing, but added: “We will not allow the NRA to use this or any other tactic to evade accountability and my office’s oversight.” Source: Associated Press AUSTIN, Texas (AP) — The National Rifle Association announced Friday it has filed for bankruptcy protection and will seek to incorporate the nation’s most politically influential gun-rights group in Texas instead of New York. The announcement came months after New York’s attorney general sued the organization over claims that top executives illegally diverted tens of millions of dollars for lavish personal trips, no-show contracts for associates and other questionable expenditures. [...] The NRA filed for Chapter 11 bankruptcy in federal court in Dallas and said it planned to incorporate in Texas, where records show it formed a limited liability corporation, Sea Girt LLC, in November 2020.
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