The New York LLC Transparency Act (NYLTA), which is modeled on the federal Corporate Transparency Act (CTA), takes effect on Jan. 1, 2026. As originally written, LLCs formed or authorized to do business in New York were required to provide information about each beneficial owner. However, on March 26, 2025, the Treasury Department removed the requirement for U.S. companies and U.S. persons to report beneficial ownership information to the Financial Crimes Enforcement Network under the CTA and narrowed the scope of the rule to foreign reporting companies. Because many key terms of NYLTA cross-reference the CTA, without statutory amendments, NYLTA would only apply to foreign LLCs authorized to do business in New York.
Call or text experienced Business Attorney Robert Friedman at 585-484-7432 for guidance and advice on properly starting your small business in New York, including LLCs and corporations.