What To Watch As NY LLC Transparency Act Is Stuck In Limbo

“In 2023, fearing that the federal Corporate Transparency Act might not afford state law enforcement adequate access to beneficial ownership information, the New York Legislature passed its own version of a beneficial ownership disclosure law. That law was amended once with the New York governor’s endorsement, and a second amendment is pending.

The status of the law is murky because of the pending amendment and the lack of any regulatory attention in New York. Consequently, business owners and attorneys with limited liability company clients in the state of New York have some work to do.”

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