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History
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to liability of members for wages due to laborers, servants or employees by domestic and foreign limited liability companies
In Assembly Committee · Corporations, Authorities And Commissions · Sponsor Phil Steck
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the limited liability company law, in relation to liability of members for wages due to laborers, servants or employees by domestic and foreign limited liability companies
Purpose
This legislation makes the ten people with the largest ownership interest in a foreign limited liability company liable for unpaid wages.
Summary of provisions
Section 1 - Subdivision (c) of section 609 of the limited liability company law to make clear that every domestic and foreign limited liability operating in the state shall be liable for unpaid wages to employees.
Section 2 - Effective Date - 60th day after it shall become law.
Existing law
Under the existing law, section 102 of the limited liability company law, defines a limited liability company to mean "unless the context otherwise requires, an unincorporated organization of one or more persons having limited liability for the contractual obligations and other liabilities of the business (except as authorized or provided in section six hundred nine or twelve hundred five of this chapter), other than a partnership or trust, formed and existing under this chapter and the laws of this state." To ensure that the context section 609 of the limited liability company law is clear, the statute is amended to clearly delineate that both foreign and domestic limited liability companies are included in the provisions related to liability for unpaid wages.
Justification
Limited Liability Company Law § 609 imposes liability for unpaid wages on the members with the 10 largest ownership interests after a judgment against the corporation has been returned unsatisfied. This bill ensures that all foreign limited liability companies employing workers in New York State are treated the same in the eyes of the law as domestic limited liability companies.
Legislative history
New Bill
Fiscal implications
None
Effective date
The 60th date after it shall become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.