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The End is Near: Limited Liability Entities in New York State Must Act Today to Avoid Suspension

Aug 17, 2007
If you are an owner, member or operator of a non-corporate limited liability entity that either was organized pursuant to the statutes of the state of New York or that is duly qualified to do business in New York, time is running out. By this it is meant that you have only until May 31, 2007, to make certain that you fully are in compliance with certain new newspaper publication and filing requirements that went into effect in the state of New York.

Specifically, if your limited liability entity (LLE) either was either formed in the state of New York or qualified to do business in the state of New York between January 1, 1999, and June 1, 2006, you must make certain that your limited liability entity is in compliance. The new law permitted a grace period of until the end of May to get into compliance. The legislation requires any LLE formed after June 1, 2006, to meet the newspaper publication and filing requirement no later than one hundred twenty (120) days after formation or qualification.

The compliance process for your LLE actually is not that cumbersome or complicated. In order for your LLE to become compliant, the following steps must be taken:

1. The notice that is required of an LLE pursuant to the new law must be duly published in an appropriate weekly newspaper as described in that legislation for six (6) consecutive weeks.

2. Following the publication process as described above, a certificate of the publication together with the duly executed affidavits from the newspaper in which the notices were published must be filed.

The reality is that this process easily can require a ninety (90) day period to make arrangements for publication, undertake the publication process itself and to make the appropriate filing. If you have not commenced the compliance process we have outlined for you, you must make certain that this process is underway immediately or run the risk of becoming non-compliant.

In order to ensure that your LLE is in complete compliance in the future, you will want to make certain that you sign up for our authoritative email alerts and legal updates. If you have any questions or concerns about the compliance issues that have been discussed with you today, or any other issues regarding your limited liability entity, feel free to contact us for a consultation either by telephone or via e-mail.
About the Author
Robert Masud, Esq. is the principal of Masud & Company LLC, a law firm for the world of business, finance and the internet. Find out how we can help you at http://www.masudco.com
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