NY LLCTA Compliance

FinCEN BOI Compliance NY

NY LLCTA Compliance

Navigating New York’s LLC Transparency Act

  • The New York LLC Transparency Act (NY LLCTA) is a significant regulatory change that demands your attention. Effective January 1, 2026, it introduces mandatory reporting requirements for all LLCs operating in New York. Don’t risk business disruption or costly penalties. Our firm specializes in guiding New York LLCs through the complexities of the NY LLCTA, ensuring you meet all obligations and maintain compliance.

    Understanding the NY LLCTA: What You Need to Know

    Signed into law by Governor Kathy Hochul on March 1, 2024, the NY LLCTA takes effect January 1, 2026. This legislation mandates that all LLCs formed or registered to do business in New York—even those exempt from federal FinCEN rules—must report beneficial ownership information to the New York Department of State (NYDOS).

    Key Compliance Deadlines:

    • LLCs formed on or after January 1, 2026: Must file within 30 days of formation or registration.
    • LLCs formed before January 1, 2026: Must submit initial reports by January 1, 2027.
    • Exempt LLCs: Must submit an annual attestation verifying their exemption status.

    NY LLCTA vs. Federal CTA: Key Differences

    • Scope: NY LLCTA is exclusive to LLCs in New York; the CTA covers a broader range of entities.
    • Applicant Information: NY LLCTA requires disclosure of “applicant” information, even for pre-2026 LLCs.
    • Exemption Reporting: NY LLCTA mandates annual attestations for exempt LLCs.

    What Information Must Be Reported?

    For each beneficial owner and applicant, non-exempt LLCs must report:

    • Full legal name
    • Date of birth
    • Residential or business address
    • Identifying number from a government-issued ID

    Important Note: The NY LLCTA’s requirement for applicant information, especially for older LLCs, presents a unique challenge. Our firm can assist in gathering and verifying this critical data.

    Information Confidentiality:

    While initial plans for public disclosure were amended, beneficial ownership information remains sensitive. Access is now restricted to law enforcement or entities with a court order, mirroring the confidentiality measures of the federal FinCEN BOI Rule.

    Penalties for Non-Compliance: Don’t Take the Risk

    • Business Suspension: After 30 days’ notice.
    • Daily Fines: The New York Attorney General can impose fines of $500 per day.
    • Dissolution: After two years of non-compliance.
    • Federal penalties: Remember that the federal CTA also carries fines up to $10,000 and imprisonment.

    How Our Law Firm Can Help: Your NY LLCTA Experts

    Navigating the NY LLCTA’s complexities requires specialized knowledge. Our firm provides comprehensive services, including:

    • Determining Compliance Obligations: Clarifying your LLC’s specific requirements.
    • Applicant and Beneficial Owner Identification: Assisting with data collection and verification.
    • Exemption Evaluation: Determining eligibility and preparing necessary attestations.
    • Report Preparation and Filing: Ensuring accurate and timely submissions.
    • Proactive Compliance Strategies: Helping you stay ahead of regulatory changes.

    Why Choose Us?

Take Action Now: Secure Your LLC’s Future

Contact our firm today for a consultation. Let our experienced attorneys protect your business from costly penalties and ensure seamless compliance. The consequences of non-compliance are severe, including hefty fines, business suspension, and potential criminal liability. Contact our law firm today to ensure full compliance with the Corporate Transparency Act and New York’s LLC  transparency Act. Our experienced lawyers are ready to protect your business and ensure you meet all federal and state requirements.

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BENEFICIAL OWNERSHIP INFORMATION