ANALYSIS: CTA 2.0: New York Delivers an LLC Transparency Rule

The federal Corporate Transparency Act (CTA) became effective on Jan. 1, but it has already spawned its first offspring: the New York LLC Transparency Act. Although the two statutes share many provisions, there are key differences between them that will require administrative, compliance, and strategic considerations by filers.

Corporate Transparency Act

Adopted in 2021, the CTA’s stated purpose is to combat money laundering, the financing of terrorism, and acts of foreign corruption that harm the national security interests of the United States. Covering corporations, limited liability companies (LLCs), and other entities formed by a filing with a state or central ...