201601.01
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WSJ MarketWatch interviewed Craig Delsack, a New York business attorney, about the new changes to the NY LLC Laws Section 609 – moving the limited liability law closer in parity with the corporation laws; protecting wage earners from rogue business owners’ not paying appropriate wages and related taxes under the Wage Theft Prevention Act (the “WTPA”). These amendments change NYS’ Limited Liability Company Law to provide that the 10 members with the largest ownership percentage of a limited liability company will be jointly and severally liable for all debts, wages and salaries owing to the company’s employees, including vacation, severance, pension contributions and other similar benefits (and presumably the payment of employer taxes related thereto).