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• Required disclosures. Reporting companies must disclose the following information for each non-exempt beneficial owner and each applicant:
  • (1) full legal name,
  • (2) date of birth,
  • (3) current home or business address, and
  • (4) a unique identifying number from (i) an unexpired passport, (ii) an unexpired state driver’s license; or (iii) an unexpired identification card or document issued by a state or local government agency or tribal authority for the purpose of identification of that individual.
• Beneficial owner. A beneficial owner is an individual who exercises “substantial control” over or who owns 25% or more of a reporting company. There are exemptions for minor children, nominees/intermediaries/custodians/agents, employees, heirs, and creditors that meet certain requirements.
• U.S. beneficial owners are not reported. Reporting companies are not required to include beneficial ownership information for beneficial owners that are U.S. persons. 
• Applicant. An applicant is the individual who directly files the document that first registers the reporting company with the Department of State. If more than one individual is involved in the filing of the document, the applicant is the individual who is primarily responsible for directing or controlling the filing.
• Filing fee. A $25 fee is required for each beneficial ownership statement and attestation of exemption.
• Electronic filing with the Department of State. Beneficial ownership disclosure statements and attestations of exemption are filed electronically through the Department of State’s filing system.
• Annual filing required. Either a beneficial ownership disclosure statement or attestation of exemption must be filed annually.
• Confidentiality of information. Information related to beneficial owners will be maintained in a secure database and deemed confidential except:
  • (1) pursuant to the written request or voluntary consent of the beneficial owner;
  • (2) by court order;
  • (3) to officers or employees of federal, state or local government agencies where necessary for the agency to perform its official duties; or
  • (4) for a valid law enforcement purpose including a purpose relevant to an investigation by the attorney general.
• Penalties. Various penalties may be imposed, including monetary penalties for failing to file by the due date, and the possible suspension of the LLC.

What should foreign LLCs authorized in New York do?

Foreign LLCs should follow these steps to ensure compliance with New York’s new beneficial ownership disclosure requirements.

• Determine if they are a reporting company or an exempt company
• If a reporting company, gather the required information from non-exempt beneficial owners and applicants
• File the initial beneficial ownership disclosure statement or attestation of exemption
• Keep track of any changes to report in the annual filing

We’re here to help

Navigating the new requirements of the New York LLC Transparency Act may seem complex, but our experienced team is ready to help you achieve compliance with confidence. Whether you need guidance on filing, understanding the exemptions, or any other aspect of the Act, we’re here to support you.

For more information, contact CT Corporation.

The Brighton Pier Group has announced that Brighton Palace Pier is being offered for sale. In response, the council has reiterated that it’s a seafront worth investing in.

Brighton Palace Pier is a cultural icon and a much-loved attraction, central to the city’s identity and the local visitor economy. As a Grade II*-listed landmark, the Pier attracts millions of visitors each year, supporting jobs and businesses across the city and contributing significantly to Brighton & Hove’s reputation as a leading UK destination.

Councillor Jacob Taylor, Deputy Leader and Cabinet member for Finance and City Regeneration, said: “Brighton & Hove is a city on the rise – full of energy, creativity and opportunity. Brighton Palace Pier is an iconic part of our seafront, and its sale is an important moment.

“We’re confident that, alongside major investments like the restoration of Madeira Terrace and new leisure spaces at Black Rock and Hove Beach Park, Brighton & Hove will continue to thrive. This is a city with a proven track record and a bold vision for what’s next.

“While it is privately owned, we will work closely with the current and new owners to ensure the pier and our seafront continue to thrive.”

Brighton & Hove was recently recognised on the world stage by Time Out magazine as one of the top 50 cities globally and ranked among the top three destinations in the UK, and its reputation as a welcoming and vibrant place to live, work and visit is stronger than ever.

In 2024, Brighton & Hove attracted 12.2 million trips, generating an impressive £1.39 billion for the local economy and supporting more than 25,600 jobs across accommodation, retail, catering and entertainment.

The council continues to collaborate with partners, businesses and the community to transform public spaces and support a strong, sustainable tourism offer and a seafront to be proud of.

The city’s Seafront Development Board also plays a key role in shaping regeneration, unlocking investment and guiding a long‑term vision for the whole waterfront.

The Rt Hon Lord Bassam of Brighton, who chairs the Seafront Development Board said: “The Palace Pier is a jewel in our crown, a much-loved part of Brighton’s heritage and a key attraction for visitors. Its future matters to us all.

“The sale presents an opportunity for new investment and innovation to protect our heritage and keep it accessible while also supporting a modern, thriving economy.

“We need to work together and look for the right investment to keep Brighton & Hove a world‑class destination for residents and visitors alike.”