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IBCF: NEWS AND INFORMATION
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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.
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