The New York LLC Transparency Act Guide
The New York LLC Transparency Act (NYLTA) will require most LLCs to report ownership information to the state starting in 2026. The NYLTA affects most foreign and domestic New York LLCs.
In our New York LLC Transparency Act guide, we go over what it is and who is affected to help business owners like you stay compliant.
What is the LLC Transparency Act in NY State?
The New York LLC Transparency Act, sometimes called the LLC Transparency Act or NYLTA, is aimed at dismantling anonymous LLC ownership, terrorist funding, and money laundering in New York. The act amends the current New York LLC Law and adds a formation requirement (NY LLC § 215) for disclosing beneficial ownership information.
The update will require most New York LLCs—including foreign ones—to provide information about the business’s owners with their Articles of Organization. The NYLTA is modeled after the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) Report. Before we dive in, let’s go over some key terms.
NY LLC Transparency Act: Terms to Know
The NYLTA uses the same definitions and terms as the CTA, so some of these may be familiar if you’ve already filed your BOI Report.
- Reporting company. The business that needs to report its beneficial ownership information.
- Beneficial owner. A person who owns 25% of the LLC or makes substantial business decisions.
- Exempt company. A reporting company that qualifies for one of the NYLTA exemptions and does not need to provide beneficial owner information.
Check out our glossary of CTA terms to familiarize yourself more.
New York Beneficial Ownership Information Reporting
The NYLTA requires domestic and foreign LLCs to report their beneficial owner information to the state, including the owners’:
- Full legal name
- Date of birth
- Business street address (not a PO box)
- Unique identifying number (social security number, driver’s license number, etc.)
The New York Department of State does allow you to submit the same information or document you submit for the CTA’s BOI Report. Unlike the CTA, the NYLTA does not require LLCs to share their company applicant information that details who submitted the business’s Articles to the state.
Who is a Beneficial Owner in New York?
A beneficial owner is an individual who exercises control over the business or owns 25% of the LLC. For example, if you started your LLC with just yourself, you are the only beneficial owner. But if you started your LLC with the help of your family or another company, then they are also beneficial owners.
Beneficial owners can also be:
- Members of your LLC
- Grantors with the power to revoke trusts
- Individuals involved in businesses that exercise power over your LLC
- Senior officers like CEOs or CFOs
Check out our video below if you want more information about beneficial owners.
Who can access beneficial ownership information for New York LLCs?
Unfortunately, New York wants to create a publicly accessible database with all beneficial owners’ names and business addresses. This searchable database will be managed by the New York Department of State. Once the system is created, the state will have a process for applying for security waivers to keep your LLC’s beneficial ownership information off the database. The public database and process for getting a security waiver have not been created.
How to Report Your New York LLC Beneficial Ownership Information
The NYLTA will amend the current LLC Law in New York to require all existing businesses to file an amendment to their New York Articles of Organization. New LLCs that organize with the Secretary of State will be required to include an initial report detailing their beneficial ownership information. Here’s how it’s done.
How to report beneficial ownership information for existing New York LLCs
If you formed your New York LLC on or before January 1, 2026, follow these steps:
- Submit a Certificate of Amendment of Articles of Organization by January 1, 2027
- Pay the $60 filing fee
You can submit your amendment by mail, fax, or online.
How to report beneficial ownership information for new LLCs
All nonexempt New York LLCs that file after January 1, 2026 follow these steps:
- File an initial report with your Articles of Organization
- Pay the $200 filing fee
You can file by mail, fax, online, or in person. Foreign NY LLCs will submit an initial report or document with their beneficial ownership information along with the Application for Authority they submit to the New York Department of State ($250).
Note: There currently isn’t a specific form LLCs file with their beneficial ownership information, but you can use the same document you submitted for FinCEN’s BOI Report.
New York LLC Transparency Act Exemptions
Currently, the only exemptions to the New York LLC Transparency Act are a copy of the 23 exemptions for the CTA. Some of the businesses that do not have to report their beneficial owner information include:
- US government authorities
- Insurance companies
- Certain regulated public utilities
- Certain tax-exempt entities and their subsidiaries or businesses assisting those entities
- Federal and state credit unions
- Businesses registered with the Commodity Exchange Act
- Large companies with more than $5,000,000 in gross sales that have a physical operating office in the US and more than 20 full-time employees
Read all the exemptions in our BOI Reporting Exemptions Guide.
Do exempt LLCs need to file a document with the NY Department of State?
Unlike the CTA, the NYLTA will require LLCs submit a document officially claiming the exemption they qualify for. This exemption statement or document is submitted with your Articles or as a part of your amendment. There is no specific form yet for this process.
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NY LLC Transparency Act vs Corporate Transparency Act
The Corporate Transparency Act is a federal law that also requires most domestic and foreign LLCs and corporations to provide beneficial ownership information on something called a BOI Report. The New York LLC Transparency Act is an amendment to the New York LLC Act that copies many of the CTAs language. While the two are similar, there are some differences that are important to know.
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Note: The update to the New York LLC law will not go into effect until January 1, 2026, so reporting exemptions, disclosure, and more may change. Originally, it was meant to go into affect at the end of 2024, but the New York governor signed an amendment on March 1, 2024, pushing the effective date back by one year.
What’s next for the NY LLC Transparency Act?
The NYLTA was signed by the governor in 2023 and it’ll go into effect in 2026. In that time, many things may change, including:
- Searchable public database
- Exemption processing
- Privacy waivers
There is also a chance that the whole NYLTA may be dispelled before the January 1, 2026 effective date. We know that uncertain business laws are no one’s idea of a good time. So, we’ll keep this page update with any changes as they roll out.
New York LLC Transparency Act Frequently Asked Questions
The new statute NY LLC § 215 will be effective January 1, 2026. Existing LLCs have until January 1, 2027 to file an amendment to their Articles listing their beneficial ownership information.
New LLCs will have to pay the $200 state filing fee for their New York Articles of Organization. Existing LLCs pay the $60 amendment filing fee. It is undecided at this time whether existing LLCs will be able to restate their initial articles instead of filing an amendment.
The due date for reporting your beneficial ownership information to the New York Department of State for the NYLTA is January 1, 2026 for all existing LLCs. LLCs formed after January 2026 must submit their information along with their Articles.
For new LLCs that don’t file their beneficial ownership information with their NY Articles, their filings are rejected. Existing LLCs that don’t amend their Articles by January 1, 2027, are marked delinquent by the state. As a delinquent entity, your LLC can not file annual reports or other state documents and loses its liability within the state. To get out of delinquency status, you’ll need to pay a $250 fine and file your beneficial ownership information with your amendment.
Like with many aspects of the NYLTA, the people who can not be listed as beneficial owners mimics the exemptions in the CTA. Individuals who are not considered beneficial owners include:
- Minors*
- Agents or nominees acting on behalf of other people like lawyers or proxies
- Employees of the LLC with no stake in the companies profits
- Inheritors whose ownership comes through an inheritance
- Creditors
*If you do have minors who own 25% interest or have substantial control over your company, you’ll need to provide their parents’ or guardians’ information when reporting your beneficial ownership information.
*This is informational commentary, not advice. This information is intended strictly for informational purposes and does not constitute legal advice or a substitute for legal counsel. This information is not intended to create, nor does your receipt, viewing, or use of it constitute, an attorney-client relationship. More information is available in our Terms of Service.