New Jersey Limited Liability Companies Gain Creditor Protection Posted:2/05/03
New Jersey Assembly Bill No. 1864, effective January 28, 2003, provides limited liability companies (LLCs) with the same creditor protection and notice provisions that are applicable to corporations pursuant to N.J.S. 14A:12-12 and 13. Specifically, after an LLC is dissolved, the LLC may give notice to its creditors requiring them to present their claims in writing. The notice must be published three times in a newspaper in general circulation in the county in which its registered office is located and must be mailed to each known creditor of the LLC.
To review the full text of the bill, please click here.
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