New York LLC Beneficial Owner Reporting

Update: See our March 19, 2024 post for an amendment to this law.

On December 22, 2023, the Governor of New York signed New York’s LLC Transparency Act.

The law requires limited liability companies (LLCs) to report their beneficial owners in a new website that will be administered by New York State, but has not yet been launched. Reporting is due 365 days after the enactment date, which is December 22, 2024.

This New York reporting requirement will be similar to the federal reporting requirement set forth by the Corporate Transparency Act and administered by The Financial Crimes Enforcement Network (FinCEN). However, unlike the federal requirement which applies to corporations, LLCs and limited partnerships, the New York requirement only applies to LLCs.

Search our earlier posts for discussions of the federal Corporate Transparency Act.

The Tax Year 2023 M+O=CPE Individual Tax Year-End Workshop Reference Book has a detailed discussion of the registration requirement on pages 60 to 67, including reference to the New York legislation.

If you have not already enrolled or taken our seminar, it is time to enroll for our upcoming seminars in January, so you’ll be fully prepared!  Register here.