A new law requiring limited liability companies (LLCs), limited partnerships (LPs) and limited liability partnerships (LLPs) conducting certain business activities in New York state to publish notices in designated newspapers disclosing biographical information became effective on June 1 2006. The Publication Law amends the existing publication requirements for LLCs, LPs and LLPs with a more costly procedure analogous to the advertisement or notice of a judicial proceeding.
Publication costs are likely to increase under the new requirement. First, publication costs are a direct function of the length of notices. The new law mandates disclosure of additional information not required by the prior publication requirement, and these additional disclosures will result in longer, more costly notices. Moreover, the new law classifies the updated notices as notices "of judicial proceedings", which may be subject to higher publication rates than the old-style announcements.
The new law provides that LLCs, LPs and LLPs that...