Assembly Commerce and Economic Development Committee Statement to Senate, No. 1395 (June 4, 2026)

Summary

An Assembly Commerce and Economic Development Committee statement on Senate Bill No. 1395 (2R), State of New Jersey, dated June 4, 2026, reporting the bill favorably. As reported, the bill changes 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 a company operating as a residential landlord. The termination certificate is to include the company name, the alternate name and other identifying information for the State Treasurer. The statement says Senate Bill No. 1395 (2R) is identical to Assembly Bill No. 4955 as amended and reported by the committee on this date.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT COMMITTEE

STATEMENT TO

[Second Reprint]

SENATE, No.
1395

STATE
OF NEW JERSEY

DATED: JUNE 4,
2026

The Assembly Commerce and Economic Development
Committee reports favorably Senate Bill No. 1395 (2R).

As
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 for the State Treasurer. 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 reported by the committee, Senate Bill No. 1395
(2R) is identical to Assembly Bill No. 4955, as that bill was amended and
reported by the committee on this date.

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