All LLCs formed in New York or foreign LLCs registered to do business in the state must file a beneficial ownership disclosure, unless they qualify for one of the 23 exemptions listed under the federal Corporate Transparency Act (CTA).

A beneficial owner is any individual who either:
● Directly or indirectly owns 25 percent or more of the ownership interests of the LLC, or

● Exercises substantial control over the company (for example, a managing member or executive).

Each beneficial owner’s:

● Full legal name

● Date of birth

● Current business or residential address

● A unique identifying number (e.g., from a driver’s license or passport)

No. Under the New York LLC Transparency Act, beneficial ownership information will be maintained in a secure, non-public database by the New York Department of State.

The information is not publicly available, except in limited cases — for example, if required by law enforcement, pursuant to a court order, or with the LLC’s consent. LLCs may also apply for a confidentiality exemption if disclosure could create a privacy or safety risk.

Yes — but they are narrow. The NYLTA exemptions mirror those in the federal CTA, including:

● Banks, credit unions, and insurance companies

● SEC-registered entities

● Large operating companies with more than 20 full-time employees, $5 million + in annual revenue, and a physical U.S. office

⚠️Bottom line: Most small businesses and real-estate LLCs do not qualify for exemptions.

Failure to file under the NYLTA can result in civil penalties and administrative action by the Department of State, including:

● Fines of up to $500 per day for each day the report is late

● Suspension or annulment of the LLC’s authority to conduct business in New York

● Possible loss of good standing or inability to open bank accounts and enter into contracts

⚠️Bottom line: Staying compliant protects your LLC, your reputation, and your ability to operate in New York.

While both laws require beneficial ownership reporting:

● The CTA is a federal law enforced by FinCEN, and data are not public.

● The NYLTA is a state law administered by the New York Department of State, maintaining its own non-public database.

LLCs operating in New York may need to comply with both laws separately.

● LLCs formed on or after January 1, 2026: Must file within 30 days of formation.

● LLCs formed before January 1, 2026: Must file by January 1, 2027.

No. NYLTA.com™ is a compliance technology platform that guides you step-by- step through the filing process — ensuring accuracy and timely submission without the cost of hiring a law firm or CPA.

Yes. NYLTA.com™ uses bank-level encryption, encrypted data transmission, and secure cloud infrastructure to protect all ownership information.

If your LLC experiences any change in ownership, control, or owner information (such as a new member, updated address, or legal name change), you’ll need to report those updates in your next annual NYLTA statement, unless the New York Department of State issues additional update requirements.

NYLTA.com will notify you automatically if the Department establishes a separate timeline (for example, a 90-day update window).

Failure to keep your filing current may result in penalties or loss of good standing with the State.