Senate Bill S2637

2021-2022 Legislative Session

Regulates political contributions and expenditures by limited liability companies and other entities

download bill text pdf

Sponsored By

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


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2021-S2637 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Limited Liability Company Law
Laws Affected:
Amd §§201 & 203, Lim Lil L; amd §§14-102 & 14-104, El L
Versions Introduced in Other Legislative Sessions:
2015-2016: S8035
2017-2018: S3383
2019-2020: S1898

2021-S2637 (ACTIVE) - Summary

Regulates political contributions and expenditures by limited liability companies and the reporting thereof.

2021-S2637 (ACTIVE) - Sponsor Memo

2021-S2637 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2637
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             January 22, 2021
                                ___________
 
 Introduced  by Sen. GALLIVAN -- 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 election law,
   in relation to political contributions  and  expenditures  by  limited
   liability companies and other entities

   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. Section 201 of the limited liability company law is amended
 to read as follows:
   § 201. Purpose. A limited liability company may be formed  under  this
 chapter for any lawful business purpose or purposes except to do in this
 state  any business for which another statute specifically requires some
 other business entity or natural person to be formed or  used  for  such
 business;  OR  FORMED  OR  USED FOR THE SOLE PURPOSE OF MAKING POLITICAL
 CONTRIBUTIONS OR EXPENDITURES UNLESS REGISTERED AS A POLITICAL COMMITTEE
 OR INDEPENDENT EXPENDITURE COMMITTEE WITH THE BOARD OF ELECTIONS.
   § 2. 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 and a new paragraph 8 is added 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) 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
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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