Jurisdictional Updates 12-29-2023

Jurisdictional Updates 12-29-2023

New York – Legislation Effective December 22, 2024 Will Require LLC’s to Disclose Beneficial Owners

Senate Bill 995-B and Assembly Bill 3484 (Chapter 772) signed by the governor December 22, 2023 and effective December 22, 2024 require limited liability companies to disclose beneficial ownership information (BOI) to the Department of State when filing articles of organization and amendments for NY domestic LLCs and applications for authority and amendments for foreign LLCs registered in NY. LLCs may file in New York their initial BOI report to FinCEN under the federal Corporate Transparency Act effective January 1, 2024. LLCs exempt from the federal BOI reporting requirement shall file a statement signed by a LLC member or manager by January 1, 2025.  Beneficial owners’ personal information shall be confidential except for purposes of law enforcement or when required to be disclosed pursuant to court order. The Senate bill text can be accessed here. The governor’s bill signing message can be accessed at Governor Hochul Signs the LLC Transparency Act | Governor Kathy Hochul (ny.gov).