Limited Liability Companies And Limited Partnerships Are Subject To Unique Publication Requirements

(MINEOLA – May 30, 2006) Limited liability companies and limited partnerships formed in or qualified to do business in New York state are subject to the unique publication requirements of the New York limited liability company and partnership laws.

Recently, on February 3, 2006, New York State enacted a bill to change the notice publication requirements for domestic and foreign:

• Limited liability companies;
• Professional service limited liability companies;
• Limited partnerships; and
• Limited liability partnerships

The new law, which becomes effective on June 1, 2006, makes four principal changes to the current publication requirements. The new law:

1. Expands the publication requirement to include disclosure of the names and addresses of the ten persons who are actively engaged in the business and affairs with the "most valuable ownership interests" in the business entity;
2. Reduces the number of weeks that the required information is to be published;
3. Adds a new requirement for filing of a certificate of publication; and
4. Imposes penalties for noncompliance with the publication requirement.

A Limited liability company or limited partnership formed after June 1, 2006 will have 120-days after its initial articles of organization or certificate of partnership as applicable, becomes effective to publish the items described above for four consecutive weeks in one daily and one weekly newspaper in the county where the entity intends to be located.  The appropriate newspapers will be designated by the County Clerk.

For more information and details, visit the New York State Department of State website: http://www.dos.state.ny.us/corp/newlegislation2006.html.