Bulletin: NY000279

Date:
April 26, 2006
To:
All New York State Office Counsel, Managers and Agents
RE:
Limited Liability Company New Publishing Requirements

Chapter 767 of the Laws of 2006 has amended the publishing requirements for LLC's and LLP's (domestic and foreign).

An LLC or LLP must publish once a week for four (4) successive weeks in the county where it intends to be located. The publication must be in one daily paper and one weekly paper. If there is no paper in the county that fits the requirement, then publication must be in the closest county.

The publication must be within 120 days after formation. A certificate of publication and affidavits of publication must be filed with the Department of State within the 120-day period.

The publication must contain the names of the 10 persons with the most valuable interest.

FAILURE TO PUBLISH SHALL SUSPEND THE AUTHORITY OF THE LLC/LLP TO DO BUSINESS IN NEW YORK STATE.

The prior law did not suspend authority to do business for failure to publish.

A suggested exception to be added to the LLC exceptions is:

Proof of publication and proof of filing of a certificate of publication and affidavit of publication in two papers once a week for four weeks.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None