Alerts

Further Proposed Amendments to New York Publication Bill Raise Specter of Unlimited Liability

April 6, 2006

A chapter amendment to the “publication bill,” Chapter 767, which was signed into law by Gov. George E. Pataki on February 3, 2006, would have the effect of stripping limited liability protection for all limited partners/members of a limited liability entity if the entity itself fails to meet certain administrative publication and filing requirements. Chapter 767 was the subject of the SRZ Client Alert dated February 17, 2006, "Pataki Signs Into Law Bill No. 500085 Changes to the Newspaper Publication Requirements."

The proposed chapter amendment was introduced at the request of the governor as Senate Bill S 6831 and Assembly Bill A 10399 by Senator Dean G. Skelos and Assemblyman Herman D. Farrell Jr., respectively.