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.