Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Senate approves LLC transparency reporting to Department of State; debate focuses on burden for small businesses
Summary
The New York State Senate approved a bill requiring most LLCs that form or register in New York to report beneficial-ownership information to the Department of State, re-establishing state-level disclosure after federal reporting requirements changed.
The New York State Senate approved a bill requiring most limited liability companies that form or register in New York to file beneficial-ownership information with the Department of State. Sponsors described the requirement as a state-level replacement for the federal Corporate Transparency Act reporting regime after recent federal changes.
Under the measure, reporting companies must submit each beneficial owner's full legal name, date of birth, current street address and a government-issued identifying document (for example, an unexpired driver's license or passport). The bill exempts…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
