NY LLC Transparency Act Differs in Important Ways from the CTA

Along with the new Corporate Transparency Act, New York passed a similar regime for Limited Liability Companies formed or registered to do business in New York.   

As noted in this Bloomberg Law article ANALYSIS: CTA 2.0: New York Delivers an LLC Transparency Rule (bloomberglaw.com), this law, which becomes effective in December 2024, overlaps the CTA in many ways (including with respect to exemptions from registration). It also has notable differences. Chief amongst those are a separate filing requirement and the fact that the names of beneficial owners of NY LLCs will be publicly available (all information under the CTA is not publicly available).