Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4955 (June 4, 2026)

Summary

An Assembly Commerce and Economic Development Committee statement to Assembly, No. 4955, State of New Jersey, dated June 4, 2026, reporting the bill favorably with committee amendments. The bill changes the New Jersey Revised Uniform Limited Liability Company Act to let a limited liability company terminate an alternate name before the five-year registration period expires, as the New Jersey Business Corporation Act already allows corporations to do. A limited liability company operating as a residential landlord cannot do so. The amendments change certain statutory references from the filing office and the Secretary of State to the State Treasurer.

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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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