Corporate Transparency Laws
Experience
Businesses today are faced with new challenges from corporate transparency laws such as the federal Corporate Transparency Act (“CTA”) and the New York LLC Transparency Act, both of which became effective on January 1, 2024.
It is estimated that, within the 2024 calendar year, more than 30 million companies with be required under the CTA to file beneficial ownership reports. This will likely affect the majority of privately held business entities throughout a variety of industries, including among others real estate, finance, healthcare, manufacturing and transportation. Inspired by the CTA, the State of New York recently enacted its own entity transparency law. Although the New York LLC Transparency Act is similar to the CTA, and incorporates many of its definitions by reference, there are some significant differences between these laws.
Windels Marx has closely followed this new and rapidly evolving area of law since its inception, and a significant number of our lawyers are ready and available to guide clients through these laws and the regulatory filings. For further details, see our alerts:
- The Corporate Transparency Act and Beneficial Ownership Reporting
- The New York LLC Transparency Law and Beneficial Ownership Reporting
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The New York LLC Transparency Law and Beneficial Ownership Reporting - Jan 16, 2024
The Corporate Transparency Act and Beneficial Ownership Reporting - Jan 16, 2024