Prohibits city agencies in a city having a population of one million or more from contracting with a limited liability company unless such limited liability company discloses the names and addresses of persons having limited liability for the contractual obligations and other liabilities of the company.
Summary
Bill A02519 seeks to amend the administrative code of New York City by requiring that any limited liability company (LLC) that wishes to contract with city agencies must disclose the names and addresses of individuals who have limited liability for the company's contractual obligations and liabilities. This measure is aimed at increasing transparency in city contracts and ensuring that city agencies are aware of the individuals behind the LLCs they engage with.
Impact
If enacted, this bill would significantly alter the contracting process for city agencies in New York City, particularly those dealing with LLCs. It would impose new disclosure requirements that could affect how contracts are awarded and managed, potentially leading to a more accountable contracting environment. This change could also influence the types of companies that are willing to engage in contracts with the city, as some may find the disclosure requirements burdensome.
Sentiment
The sentiment surrounding Bill A02519 appears to be cautiously supportive, with proponents emphasizing the need for transparency and accountability in government contracting. However, there may be concerns regarding the potential administrative burden this could place on both city agencies and LLCs, which could lead to some opposition from business groups.
Contention
Notable points of contention include the balance between transparency and the potential for discouraging businesses from contracting with the city due to the additional disclosure requirements. Supporters argue that transparency is essential for public trust, while opponents may contend that this could create barriers for smaller LLCs that may not have the resources to comply with such regulations.
Same As
Prohibits city agencies in a city having a population of one million or more from contracting with a limited liability company unless such limited liability company discloses the names and addresses of persons having limited liability for the contractual obligations and other liabilities of the company.
Prohibits city agencies in a city having a population of one million or more from contracting with a limited liability company unless such limited liability company discloses the names and addresses of persons having limited liability for the contractual obligations and other liabilities of the company.
Prohibits city agencies in a city having a population of one million or more from contracting with a limited liability company unless such limited liability company discloses the names and addresses of persons having limited liability for the contractual obligations and other liabilities of the company.
Amends existing law to provide that the organizer of a limited liability company may use the street and mailing addresses of a company's commercial registered agent.
Amends existing law to provide that the organizer of a limited liability company may use the street and mailing addresses of a company's commercial registered agent in certain circumstances.