New York LLC Transparency Act: What you need to know

New York

With a growing emphasis on corporate transparency and compliance in the U.S., New York has become the first state to introduce a specific Corporate Transparency Act (CTA). Signed into law in March 2024 by New York governor Kathy Hochul, the New York LLC Transparency Act (NY LLCTA) comes into effect on January 1, 2026.  

While the act models the Federal CTA of 2024 (which has since been suspended), in its efforts to create transparency around business ownership, it applies exclusively to Limited Liability Companies formed in or doing business in the state of New York.  

Businesses must start preparing now, as filings for existing LLCs are due in early 2027. This guide features the key information that you need to know to be ready for the NY LLCTA when it officially comes into effect. 

What is the New York LLC Transparency Act? 

The NY LLCTA applies to LLCs that were formed in or operate in the state of New York. Affected LLCs must file beneficial ownership information with the New York Department of State (NYDOS), unless an exemption applies. 

Act requirements 

When filing under the NY LLCTA, reporting LLCs must provide identifying information for each beneficial owner (anyone who owns or controls at least 25% of the business) and for the company applicant (the individual responsible for registering the company). Identifying information includes: 

  • Full legal name 

  • Date of birth 

  • Current address 

  • ID number from an official document (like a passport or driver’s license) 

Even if an LLC qualifies for an exemption, it must still file a statement detailing the specific exemption and supporting facts. All LLCs – whether exempt or not – need to file an annual statement to confirm or update their information. Any LLC formed under New York law, or any foreign LLC qualified to do business in New York, must comply with this annual filing requirement.  

NY LLCTA vs Federal CTA 

Although the NY LLCTA is based on the Federal Corporate Transparency Act, there are some minor differences: 

  • The Federal CTA applied to all businesses in the U.S., while the NY LLCTA is specific to LLCs in New York.  

  • Entities exempt from the Federal CTA were not required to submit regular filings to FinCEN, but exempt entities in New York must still file annually.  

  • Under the Federal CTA, businesses had to report any changes to owner or applicant information within 30 days. In contrast, the NY LLCTA requires businesses to report ownership information annually. 

NY LLCTA: Important dates 

The New York LLC Transparency Act comes into effect on January 1, 2026. Pre-existing LLCs in New York must file by January 1, 2027, while new LLCs need to file within 30 days of formation or qualification within the state. If businesses fail to comply with these deadlines, they may be marked as delinquent. 

How to prepare for the New York LLC Transparency Act 

The New York LLC Transparency Act introduces significant changes to regulatory requirements for businesses operating in the state. Once in effect, ongoing compliance will become an essential part of doing business for many LLCs. To prepare, companies should assess whether they qualify for an exemption, implement processes to track beneficial ownership information, and ensure they remain compliant with annual reporting obligations. 

At Computershare Entity Solutions, our team is ready to support you as you navigate these new requirements. If you have questions about the NY LLCTA or would like to learn more about how our services can help keep your business compliant, get in touch with our team today. 

Disclaimer: Information provided on this page is not legal or financial advice. Consult an attorney and/or financial professional for legal or financial matters.
Pat Cichocki