Limited Liability changes approved

TRENTON – The Assembly passed bill A4359, which implements the “Revised Uniform Limited Liability Company Act,”  and repeals the “New Jersey Limited Liability Company Act,”

The bill puts in place a  more modern regulatory scheme for the creation and operation of limited liability companies in New Jersey.

The limited liability company (LLC) is a relatively new form of unincorporated business organization that provides corporate-style limited liability to its owners, while affording the owners the partnership-like capacity to structure the entity by agreement rather than as prescribed by statute, according to the bill.

The bill passed 70-1, with Assemblyman Erik Peterson (R-) of Flemington, casting the lone no vote.

A4323, which requires certain state payments to be made available to recipients in a paper check form, was approved.

Under the bill, the appropriate state agencies are required to provide state employees, taxpayers, and Unemployment Insurance (UI), Temporary Disability Insurance (TDI), and Family Leave Insurance (FLI) benefit claimants the option to receive their payment in the form of a paper check.

The bill passed by a 42-27 vote, largely along party lines.

A3591 – Passed 69-2-0. This bill makes changes to certain time and other limitations on compensation claims by victims of crime.  Victims or their dependents would now have up to three years to apply to the office for compensation and have up to nine months to have filed a police report.  The bill specifies that if the victim is under 18 years of age, the three-year period for filing is to commence on the victim’s 18th birthday. 

Limited Liability changes approved