NY LEG passed A 3484A / S 0995B relates to disclosure of beneficial owners of Limited liability companies (LLCs), which aims to end the practice of anonymous ownership.
Requires that LLCs include an initial report, including a list of beneficial owners, with the documents submitted to the Department of State when organizing an LLC in NY.
Exempt companies must indicate exemption they are claiming against obligation to file
Requires updates and corrections to information in the initial report that was filed.
Enumerates information that must be disclosed when identifying beneficial owners.
Proposed bill provisions are also applicable to foreign limited liability companies.
Secretary of state to maintain database on website for each business entity organized.
Also, required to establish rules to allow owners to apply for confidentiality waivers.
Legislative History
On Jan. 9, 2023, bill introduced in the Senate; on Jun. 6, 2023, bill passed Senate.
On Feb. 3, 2023, bill introduced in Assembly; on Jun. 20, 2023, bill passed Assembly.
Effectiveness
Act shall take effect on three hundred sixty-fifth day after it shall have become a law.
Dec. 2023, NY LEG Governor Approval
On Dec. 23, 2023, NY LEG reported bill S.995B / A.3484 to create an LLC ownership database for government and law enforcement was signed by governor on Dec. 22.
Bill was assigned Chapter 772, and shall become effective on Dec. 21, 2024.
Document dated Dec. 22, 2023, was added on Jan. 1, 2024 due to editorial backfill.
In Feb. 2024, NY LEG bill updating LLC Transparency Act re disclosures, see #201309.
