New York LLC Transparency Act’s Effective Date Delayed

At its core, the New York LLC Transparency Act (NYLTA) aims to bolster transparency and combat unlawful activities by requiring the disclosure of beneficial ownership information (BOI) by limited liability companies (LLCs) organized under or operating within New York. While the NYLTA was initially slated to take effect during 2024, an amendment has delayed its effective date until January 1, 2026. LLCs formed or authorized to do business before that date will have until January 1, 2027 to make their initial filings.