Effective within 60 days, subdivision (c) of section 609 of the Limited Liability Company Law shall be amended. According to the Senate bill "Limited Liability Company Law § 609 imposes liability for unpaid wages on the members with the 10 largest ownership interests after a judgment against the corporation has been returned unsatisfied. This bill ensures that all foreign Limited Liability Companies employing workers in New York State are treated the same in the eyes of the law as domestic LLCs. In 2015, legislation was enacted which ended the distinction under which foreign corporations had been exempted by court decision from this rule. Likewise, the law should be clear that foreign LLCs should abide by the same rule as domestic LLCs, thereby eliminating any incentive for an LLC doing business in New York State to form under the laws of a foreign state."
Friday, December 13, 2019
AMENDMENT TO LIMITED LIABILITY LAW
Effective within 60 days, subdivision (c) of section 609 of the Limited Liability Company Law shall be amended. According to the Senate bill "Limited Liability Company Law § 609 imposes liability for unpaid wages on the members with the 10 largest ownership interests after a judgment against the corporation has been returned unsatisfied. This bill ensures that all foreign Limited Liability Companies employing workers in New York State are treated the same in the eyes of the law as domestic LLCs. In 2015, legislation was enacted which ended the distinction under which foreign corporations had been exempted by court decision from this rule. Likewise, the law should be clear that foreign LLCs should abide by the same rule as domestic LLCs, thereby eliminating any incentive for an LLC doing business in New York State to form under the laws of a foreign state."
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