Although the Corporate Transparency Act was largely killed last March, New York State had been working on its own version. The problem had been that the New York LLC Transparency Act was tied to the definition in the federal Corporate Transparency Act. FinCEN had limited the definition of “reporting company” to only mean entities that are formed under the laws of a foreign country and that have registered to do business in the US. The New York law was tied to the federal definitions.
Back in November the New York legislature passed a bill (SB S8432)that would decouple the definitions. It would put back in place reporting obligations for all LLCs formed or authorized to do business in New York.
Morgan Lewis reports that New York Governor Kathy Hochul vetoed SB S8432 and killed the amendment to the New York LLC Transparency Act. The effect is that the NY LLC Transparency Act beneficial ownership reporting obligations apply only to limited liability companies formed under the laws of a foreign country that are authorized to do business in New York.
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