4 ms·
> If you do not do this then the enforcement mechanism is that when you get sued, then a court can take back the corporate veil perk of your llc (llc is void so
by CPLX 7y ago
> If you do not do this then the enforcement mechanism is that when you get sued, then a court can take back the corporate veil perk of your llc (llc is void so it turns into a sole proprietorship I think) and go after your personal assets if you loose a lawsuit.
This is a common misconception.
In real life there is no actual penalty for not placing the ads. In the event you’re challenged on it, the deficiency could be remedied by immediately placing the ad, but that literally will never happen.
It is, in fact, a special interest giveaway to some local publications, but there’s no teeth to the law.
- mieseratte 7y ago> It is, in fact, a special interest giveaway to some local publications, but there’s no teeth to the law. So you have to hope no one wants to come after you? What would happen if this were actually in court? Overturned for lack of enforcement?
- CPLX 7y agoIt has actually been in court. The deficiency can be remedied by publication and it’s fully retroactive. So there are literally no consequences at all to ignoring it. https://eminutes.com/what-happens-if-you-ignore-new-york%E2%80%99s-llc-publication-requirement https://eminutes.com/what-happens-if-you-ignore-new-york%E2%... https://www.newyorksmallbusinesslaw.com/new_york_small_business_l/2017/01/failure-to-publish-llc.html https://www.newyorksmallbusinesslaw.com/new_york_small_busin...