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Senate Bill S5384

2019-2020 Legislative Session

Requires that the identity of all direct and indirect owners of the membership interests in a limited liability company be included in the articles of organization and in state contracts

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Archive: Last Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee

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2019-S5384 (ACTIVE) - Details

See Assembly Version of this Bill:
A379
Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Limited Liability Company Law
Laws Affected:
Amd §203, Lim Lil L; add §139-m, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A9670
2017-2018: A1917
2021-2022: S3665

2019-S5384 (ACTIVE) - Summary

Requires that the identity of all direct and indirect owners of the membership interests in a limited liability company be included in the articles of organization and in state contracts.

2019-S5384 (ACTIVE) - Sponsor Memo

2019-S5384 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5384
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                              April 29, 2019
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Corporations,  Authorities
   and Commissions
 
 AN  ACT to amend the limited liability company law and the state finance
   law, in relation to requiring the inclusion of  the  identity  of  all
   direct  and  indirect  owners of the membership interests in a limited
   liability company  in  the  articles  of  organization  and  in  state
   contracts
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Paragraphs 6 and 7 of subdivision (e) of section 203 of the
 limited liability company law, as added by chapter 470 of  the  laws  of
 1997, are amended to read as follows:
   (6)  if all or specified members are to be liable in their capacity as
 members for all or specified debts, obligations or  liabilities  of  the
 limited  liability company as authorized pursuant to section six hundred
 nine of this chapter, a statement that all or specified members  are  so
 liable  for  such debts, obligations or liabilities in their capacity as
 members of the limited  liability  company  as  authorized  pursuant  to
 section six hundred nine of this chapter; [and]
   (7)  THE  IDENTITY OF ALL DIRECT AND INDIRECT OWNERS OF THE MEMBERSHIP
 INTERESTS IN THE LIMITED LIABILITY COMPANY AND THE  PROPORTION  OF  EACH
 DIRECT  OR INDIRECT MEMBER'S OWNERSHIP INTEREST IN THE LIMITED LIABILITY
 COMPANY; AND
   (8) any other provisions, not inconsistent with law, that the  members
 elect  to  include in the articles or organization for the regulation of
 the internal affairs of the limited liability  company,  including,  but
 not limited to, (A) the business purpose for which the limited liability
 company  is  formed, (B) a statement of whether there are limitations on
 the authority of members or managers or a class or  classes  thereof  to
 bind  the  limited  liability  company  and  (C) any provisions that are
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.

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