ARTICLE
26 April 2024

New York's LLC Transparency Act Has Been Amended

KL
Kramer Levin Naftalis & Frankel LLP

Contributor

Kramer Levin provides its clients proactive, creative and pragmatic solutions that address today’s most challenging legal issues. The firm is headquartered in New York with offices in Silicon Valley and Paris and fosters a strong culture of involvement in public and community service. For more information, visit www.kramerlevin.com
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...
United States New York Corporate/Commercial Law

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.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More