Written By: Margaret Borla, CPA, Partner
Effective January 1, 2026, certain LLCs must file beneficial ownership disclosures with the New York Department of State (DOS).
The filing requirement generally applies to LLCs formed under the laws of a foreign country (non-U.S. LLCs) that are authorized to do business in New York State, unless an exemption applies.
U.S. LLCs, including New York-formed LLCs and out-of-state/U.S. territory LLCs (including Puerto Rico) authorized to do business in New York are exempt from these reporting requirements.
For each non-exempt beneficial owner who exercises substantial control or owns/controls 25% or more, the report includes identifying information such as name, DOB, address, and an ID number from an acceptable document.
Note: Reporting companies are not required to include beneficial ownership information for owners who are U.S. persons (including Puerto Rico and other U.S. territories).
The filing fee is $25 per beneficial ownership disclosure statement or attestation of exemption.
There are 23 exemption categories, including certain regulated financial institutions, governmental authorities, registered accounting firms, tax-exempt entities, and a “large operating company” exemption (which tracks the federal CTA-style definition described by DOS).
DOS guidance describes status changes (past due/delinquent), potential fines, possible suspension, and the Attorney General’s authority to assess penalties of up to $500/day (and potentially pursue dissolution/cancellation in severe cases).
Please contact a member of the Porte Brown International Tax Services team.
Get in touch today and find out how we can help you meet your objectives.
