New York Real Estate Lawyer Blog
Corporate Compliance UPDATE—(January 10, 2024).
LLCs have been a favored entity for real estate for many years in New York. Times are changing. For those of you who own a beneficial interest in a New York Limited Liability Company, you need to contact your attorney. Effective January 1, 2024, LLCs must comply with New York’s new LLC Transparency Act, which will create a database of the beneficial owners of Limited Liability Corporations that is accessible to government agencies and law enforcement. According to our Governor,
“For far too long, bad actors have been protected by the loose disclosure requirements of LLC ownership. Wage theft, money laundering, tenant mistreatment and other unlawful activity has been masked by the opaque ownership structure of an LLC. The new LLC Transparency Act will give law enforcement and State regulators the tools they need to hold bad actors accountable.”