New Jersey 2022-2023 Regular Session

New Jersey Senate Bill S134

Introduced
1/11/22  

Caption

Revises law concerning partnerships, limited partnerships, and limited liability companies.

Impact

The legislation aims to streamline the process of business conversions, potentially encouraging more businesses to adapt their structures as needed, enhancing their operational efficiencies and legal protections. By allowing for easier transitions between different business forms, the bill addresses the modern needs of businesses that may wish to switch structures in response to changing conditions or strategies.

Summary

S134 revises existing laws governing partnerships, limited partnerships, and limited liability companies in New Jersey. The bill allows partnerships and limited partnerships the flexibility to convert into and from other types of business entities, including those organized in other states or countries. Such conversions must follow a planned process that is detail-oriented, accommodating the specifics of each business structure while clarifying standards related to indemnification and notice requirements.

Contention

While the bill appears to promote business flexibility, some may argue that it could lead to complications related to liability and regulatory compliance. Possible contention could arise from the concerns that not adequately addressing specific state or local laws during conversions might create loopholes or unintended consequences in business practices. Further discussions may focus on balancing the need for operational flexibility with adequate protections for creditors and adherence to local regulations.

Companion Bills

NJ A3831

Same As Revises law concerning partnerships, limited partnerships, and limited liability companies.

Previously Filed As

NJ S316

Revises law concerning partnerships, limited partnerships, and limited liability companies.

NJ A3831

Revises law concerning partnerships, limited partnerships, and limited liability companies.

NJ A2797

Revises law concerning partnerships, limited partnerships, and limited liability companies.

NJ SB228

Business entities; modifying requirements for corporations, limited liability companies and limited partnerships. Effective date.

NJ HB3603

Relating to derivative proceedings on behalf of for-profit corporations, limited liability companies, and limited partnerships.

NJ SB1972

Relating to derivative proceedings on behalf of for-profit corporations, limited liability companies, and limited partnerships.

NJ SB859

Relating to partnerships and limited liability companies.

NJ HB2144

Relating to partnerships and limited liability companies.

NJ AB1862

Engineering, land surveying, and architecture: limited liability partnerships.

NJ SB1517

Relating to partnerships, limited liability companies, and other domestic and foreign entities and to series of limited liability companies and foreign entities.

Similar Bills

NJ S316

Revises law concerning partnerships, limited partnerships, and limited liability companies.

NJ A3831

Revises law concerning partnerships, limited partnerships, and limited liability companies.

NJ A2797

Revises law concerning partnerships, limited partnerships, and limited liability companies.

RI H6344

Replaces the existing limited liability company act with a newer and updated model act.

RI H8116

Replaces the existing limited liability company act with a newer and updated model act.

RI S2782

Replaces the existing limited liability company act with a newer and updated model act.

NM HB281

Revised Uniform Llc Act

CT HB05259

An Act Concerning Adoption Of The Connecticut Uniform Limited Liability Company Act.