By Matthew Garza, J.D.
As smaller companies prepare to comply with the federal Corporate Transparency Act (CTA), businesses in New York will also have to contend with the LLC Transparency Act, which would amend New York’s Limited Liability Company Law and the New York Executive Law to require disclosure of beneficial ownership of LLCs. The law, passed in June and awaiting the Governor’s signature, is discussed in New York Leglislature Targets Real Estate Owners in Passing LLC Transparency Law, by Polsinelli PC partners Jeanne Solomon, William Quick, and Adam Green. In this Strategic Perspective they compare the LLC Transparency Act with the CTA in detail and discuss its impact on the state’s beleaguered real estate industry.