Starting January 1, 2026, the New York LLC Transparency Act will require all limited liability companies (LLCs) formed or registered in New York to report their beneficial ownership information or certify their exemption. Our team is preparing for these filings and will be ready to assist once the requirements are clarified and the official process is in place.
Key Deadlines and Requirements:
- Existing LLCs: Must file their initial beneficial ownership report with the New York Department of State by January 1, 2027.
- Newly Formed or Qualified LLCs: Must submit their report within 30 days of formation or qualification.
- Annual Reporting: Following the initial report, LLCs will have an annual disclosure obligation. The deadline for these yearly filings is not yet established. Please note that these filings are separate from the biennial statements also required by the New York Department of State.
This new requirement is modeled after the Corporate Transparency Act (CTA) and shares many similarities. Details and the online filing system are still being finalized and we will provide updates as soon as more information becomes available. In the meantime, additional information about the statute can be found here.