- within Corporate/Commercial Law topic(s)
- in United States
- within Corporate/Commercial Law, Litigation, Mediation & Arbitration and Tax topic(s)
- with readers working within the Chemicals, Retail & Leisure and Utilities industries
On December 19, Governor Hochul vetoed legislation that would have amended the definition of certain terms contained within the New York LLC Transparency Act (NYLTA). The governor's veto means the terms "beneficial owner," "reporting company," and "exempt company" will continue to mirror those found in the federal Corporate Transparency Act. As such, when the reporting requirements under NYLTA go into effect (January 1, 2026, for newly formed LLCs, January 1, 2027, for existing LLCs), they will apply only to LLCs formed under foreign (non-U.S.) law doing business in New York. The takeaway for current "beneficial owners" of LLCs formed in the U.S. and doing business in New York is that no additional action will be required in the new year.
Resources
- The New York LLC Transparency Act (NYLTA)
- Scope of CTA's Reporting Requirements Narrows; No Reporting for U.S. Companies and U.S. Persons
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