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REVISED NEW YORK STATE LIMITED LIABILITY COMPANY LAW

It’s back and this time it’s got teeth!

What’s back with teeth? The newly revised Limited Liability Law act pertaining to publication of LLC’s in New York State, that’s what.

Historically, the State of New York required all LLCs formed in New York or foreign entities qualified to do business in the State to publish a notice of formation for six consecutive weeks in assigned newspapers. In the past, failing to comply with this requirement did not affect the good standing status of an LLC and therefore the requirement was rarely complied with. In fact, in many cases publication was only carried out as a precedent prior to maintaining litigation. In other words, it was mandatory that the LLC complete this requirement in order to have access to the New York State court system. The publication was made at the county level in two newspapers as assigned by the local county recorder and the cost varied widely based on the county where the business was located.

As of February 6th 2006 that will no longer be the case. It was on that date that NY State Senate Bill 85-A was passed and signed by New York Governor George Pataki. The law, which has an effective date of June 1st 2006, mandates that any existing New York LLC that fails to comply with the new law by the effective date of June 1st will be suspended. No “grandfather clause”, no excuses. Thus the “teeth”!

Please click here for a more in-depth synopsis of the new law, or feel free to call us and speak with one of our Corporate Specialists on how we can help you and your company comply with the new law and avoid suspension.


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/news/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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