NY Limited Liability Company Law Requires Publication

Have you formed a LLC in New York State and not completed publishing?

Have you started doing business in New York as a foreign or out of state LLC and not completed publishing?

If the answer is yes to either question, then you are missing an important legal aspect of forming or qualifying a LLC to do business in New York State. Most importantly, your LLC has not complied with Section 206 of the New York Limited Liability Company Law. While you may legally continue to do business in New York by entering into and performing contracts, you may not enforce these contracts in NY State Courts. In addition, most banks and other lenders will require proof of publication prior to loaning the LLC money or giving your LLC a mortgage. If your LLC does not publish pursuant to statute, it may loose a lawsuit or not be able to sustain its business without a needed loan during the six week statutory time required to complete publication. Bottom line: the risk of not publishing and the potential effects on your business is not worth the nominal cost of LLC publication.

Article written by Ryan M. Mead, Esq.  Please contact Mr. Mead with additional questions at 607-723-5341 or rmead@hhk.com.

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