Overview
- Lawmakers passed amendments to the state’s LLC Transparency Act, but the governor has not signed them as the January 1, 2026 effective date approaches.
- Because New York’s statute incorporates federal definitions, FinCEN’s 2025 change currently leaves the state law covering only foreign reporting companies and non‑U.S. beneficial owners, a view the Department of State has echoed absent new legislation.
- The pending bill (S8432) would explicitly cover both domestic and foreign LLCs and both U.S. and foreign beneficial owners, codify the CTA’s 23 exemptions without a blanket domestic‑entity carveout, and authorize Department of State rulemaking.
- Required filings must list each beneficial owner and any company applicant with full legal name, date of birth, a residential or business address, and a unique ID from an unexpired government document, and the law does not accept a FinCEN ID in place of those fields.
- Entities existing on January 1, 2026 must file by January 1, 2027, new formations have 30 days, annual updates are required, and noncompliance can trigger suspension, delinquency status, daily civil penalties up to $500, a $250 cure fee, and potential dissolution, with a 90‑day safe harbor for corrections and no state guidance or portal released yet.