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IBCF: NEWS AND INFORMATION

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Reinstatement of Publication requirements for LLCs in NY

The Supreme Court, Appellate Division of the State of New York has just reversed Barklee Realty Company LLC, et al v. George E. Pataki, which effectively reinstates the publication requirement for Limited Liability Companies in New York.



Section 206 of the NY Limited Liability Law requires each LLC to publish notice of formation for six consecutive weeks in two local newspapers in the County of the Company's principal office. In Barklee, this portion of the statute was declared unconstitutional.



However, it should be noted, as the Court specifically points out that failure to comply with the publication requirement does not affect the validity of the company and does "… not impair the validity of its contracts." Failure to comply precludes the Company from "…maintaining any action or special proceeding…" in any New York Court. The Court points out that, although the Company may not maintain an action "…unless and until" it has complied, it may defend itself in any action.



The Court concluded that the publication requirement was not burdensome to the degree required to hold it unconstitutional.


More information can be found by visiting our website at www.ibcf.com, or by emailing us at clientsupport@ibcf.com.

Previous issues of the IBCF Newsletter can be found at: http://www.ibcf.com/newshome.php


About IBCF:
International Business Company Formation, Inc. assists legal professionals with company formation, both internationally and offshore, and with registered agent and corporate document retrieval services throughout the world.

International Business Company Formation is an affiliate of National Registered Agents, Inc., a fully licensed professional Registered Agent for thousands of business entities, large and small, throughout the entire United States.


International Business Company Formation, Inc. is located in the historic district of Tappan, New York, approximately thirty minutes from midtown Manhattan.


International Business Company Formation, Inc.
101 Main Street, Suite One
Tappan, New York 10983
Toll Free: 888-664-6263
Phone: 845-398-0900
Fax: 845-398-0808
www.ibcf.com

 






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