Committee Statement to Assembly, No. 4955 — Assembly Commerce and Economic Development Committee

Summary

Statement to Assembly, No. 4955, with committee amendments, from the Assembly Commerce and Economic Development Committee of the State of New Jersey, dated June 4, 2026, reporting Assembly Bill No. 4955 favorably. The statement says the bill amends the New Jersey Revised Uniform Limited Liability Company Act to allow a limited liability company to terminate an alternate name before the five-year registration period expires, except that a company operating as a residential landlord cannot. It states the bill is identical to Senate Bill No. 1395 (2R), also reported by the committee on this date.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 4955
                         with committee amendments



       STATE OF NEW JERSEY
                             DATED: JUNE 4, 2026

          The Assembly Commerce and Economic Development Committee
      reports favorably and with committee amendments Assembly Bill No.
      4955.
          As amended and reported, the bill makes changes to the New
      Jersey Revised Uniform Limited Liability Company Act to allow a
      limited liability company to terminate an alternate name prior to the
      expiration date of the five-year registration period. However, the bill
      provides that a limited liability company operating as a residential
      landlord cannot terminate an alternate name prior to the expiration date
      of the five-year registration period. The termination certificate to be
      filed is to include, among other items, the name of the limited liability
      company, the alternate name, and any other identifying information
      the State Treasurer may specify. The bill also makes certain updates
      to the statutory law to reflect the transition of duties from the filing
      office and the Secretary of State to the State Treasurer.
          The New Jersey Business Corporation Act allows a corporation to
      terminate an alternate name prior to the expiration date of the five-year
      registration period. The New Jersey Revised Uniform Limited
      Liability Company Act does not allow a limited liability company to
      terminate an alternate name prior to the expiration date of the five-year
      registration period. The difference in treatment between corporations
      and limited liability companies is rectified in this bill.
          As amended and reported by the committee, Assembly Bill No.
      4955 is identical to Senate Bill No. 1395 (2R), which was also
      reported by the committee on this date.

      COMMITTEE AMENDMENTS:
          The committee amended the bill to change certain statutory
      references from the filing office and the Secretary of State to the State
      Treasurer due to a transition of certain duties. The committee also
      amended the bill to clarify that a limited liability company that
      operates as a residential landlord will not be authorized to file a
      termination certificate prior to the expiration date of the five-year
      registration period.


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