New Amendments to the New York LLC Transparency Act: What You Need to Know

In our ongoing effort to provide you with essential information to navigate the ever-changing business regulatory landscape, we continue our coverage of the New York LLC Transparency Act (NYLTA).

Previously, we informed business owners about Governor Kathy Hochul signing the NYLTA into law on December 22, 2023.

Today, we return with another vital update on recent amendments to the act.

On March 1, 2024, Governor Kathy Hochul approved amendments to revise the NYLTA. The key provisions we've discussed remain largely unchanged. However, it’s important to note these significant amendments:

• The Act’s effective date has been postponed from December 21, 2024, to January 1, 2026.
• Previously, New York LLCs formed or registered before December 21, 2024, were required to report their beneficial owners to the New York Department of State upon formation or registration in New York. With the latest amendments, LLCs formed or registered after January 1, 2026 must now submit their reporting details within 30 days of formation or registration.
• LLCs established in New York before January 1, 2026, will have until January 1, 2027, to comply.

These adjustments provide more time for business owners like yourself to adapt to the new regulatory requirements. We will continue to keep you informed of any further changes. Stay tuned.

Are you wondering about any of the issues mentioned above? Please email us at info@wilkinsonlawllc.com or call (732) 410-7595 for assistance.

At Wilkinson Law, we give business owners the documents and advice they desperately need to fund, grow, protect and sell their businesses. We are trustworthy business advisors keeping your business on TRACK: Trustworthy. Reliable. Available. Caring. Knowledgeable.®