Senate Commerce Committee Statement to Senate, No. 3689 — State of New Jersey (February 10, 2025)

Summary

The Senate Commerce Committee of the State of New Jersey, in a statement dated February 10, 2025, reports favorably and with committee amendments Senate Bill No. 3689. It states that the New Jersey Business Corporation Act allows a corporation to terminate an alternate name before the five-year registration period expires, while the New Jersey Revised Uniform Limited Liability Company Act does not allow a limited liability company to do so. The bill amends the latter act to allow a limited liability company to terminate an alternate name early by filing a termination certificate. The committee amended the bill to let the filing office require other identifying information on the certificate.

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
3689

with
committee amendments

STATE
OF NEW JERSEY

DATED: FEBRUARY
10, 2025

The Senate Commerce Committee reports favorably and
with committee amendments Senate Bill No. 3689.

As
amended, 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. The bill amends 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. 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 filing office.

COMMITTEE AMENDMENTS :

The committee amended the bill to authorize the filing
office to require other identifying information on an alternative name
termination certificate filed by a limited liability company.

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