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A new statute in New York, entitled the LLC Transparency Act
(the NY LLCTA), originally signed into law by Gov. Kathy Hochul on
Dec. 23, 2023, was amended on March 1, 2024. As noted in our
previous client alert discussing the NY LLCTA (which can be found
here), the NY LLCTA was scheduled to go into
effect on Dec. 21, 2024. However, the amendment to the law
postponed the effective date until Jan. 1, 2026.
Limited liability companies that are formed or authorized to do
business in New York prior to Jan. 1, 2026, will now have until
Jan. 1, 2027, to file initial beneficial ownership reports with New
York's Department of State (DOS).
Limited liability companies that are formed or authorized to do
business in New York after Jan. 1, 2026, will have 30 days from
formation or authorization to do business to provide the DOS with
the required disclosures.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
