What is the purpose of Senate Bill S4293?
Senate Bill S4293, sponsored by Leroy Comrie of the 14th District, is in committee in the New York State Senate. This bill relates to publication and the definition of office and the content of notices published in newspapers.
This will directly affect Limited Liability Company Law and the associated laws affected are: Amd §§102, 206, 802, 1203 & 1306, Lim Lil L; amd §§121-101, 121-201 & 121-902, Partn L.
According to the NYS Senate website, the purpose of S4293 is:
“To require a specific geographic nexus between where a limited liability company and/or a limited partnership is actually formed and conducts business and the requirement that they publish notice of such formation in a newspaper. Read more…”
What is directly affected by Senate Bill S4293?
The limited liability company law and the partnership law are amended to provide that for the purposes of defining the “office” of such companies, an actual location within the county of principal and actual business must be provided.
“Office of the limited liability company” means the office of the limited liability company, the location of which is stated in the articles of organization of a domestic limited liability company, or in the application for authority of a foreign limited liability company. Such shall be a place in the county within this state of the principal and actual business location of the company.”
What does this mean for future publications?
We will be monitoring this Senate Bill very closely. If the bill passes, it may represent higher costs for publication in order to conform to this new law.
Stay abreast of changes to the Senate Bill S4293 and other industry news by following our blog and signing up for updates. If you have any questions, please contact us and we will be happy to explain in detail.