NJ S4889

Real estate salespersons and broker-salespersons may form limited liability companies (LLCs) or other legal entities to receive their commissions and valuable consideration

Receiving payment through an LLC or other entity does not affect the business affiliation between the employing/contracting broker and the salesperson or broker-salesperson as defined in their written agreement

The New Jersey Real Estate Commission is required to create a registration process for LLCs and other entities formed to receive real estate commissions

Removes prior language stating that formation of such entities would not affect employee status under unemployment compensation law (R.S.43:21-19)

Corrects a drafting error in existing law by changing "limited liability corporation" to "limited liability company"