ComplianceApril 05, 2024

Beneficial ownership reporting requirements by state

A rising trend among states is the push for companies to disclose beneficial ownership information to the state business entity filing office, such as the Secretary of State. They are doing this to enhance transparency. These are in addition to the federal Corporate Transparency Act (CTA) requirements.

If you do business in these states, you’ll want to keep an eye out for these:

New York

On March 1, 2024, New York’s Governor Hochul signed Senate Bill 8059, which requires all LLCs formed under New York law (domestic LLCs) or formed elsewhere and registered to do business in New York (foreign LLCs) to file either a beneficial ownership disclosure or an attestation of exemption with the New York Department of State. 

To learn more, visit: New York enacts a revised version of the LLC Transparency Law


House Bill 3566, introduced March 30, 2023, would require all domestic LLCs to disclose information about each beneficial owner in their certificate of organization and all foreign LLCs to disclose information about their beneficial owners in their application for registration.  Amendments would have to be filed upon a change in beneficial owners or their disclosed information.


Senate Bill 1201 was introduced on February 15, 2024. This bill would require domestic and foreign corporations to include in their annual statement of information the names and complete business or residence addresses of any beneficial owner; require domestic and foreign LLCs to include in their biennial statement the name and complete business or residence addresses of any beneficial owner, and require a real estate investment trust to file with the Secretary of State a statement containing the name and complete business or residence address of any beneficial owner.


Senate Bill 954, introduced February 2, 2024, would require each reporting entity, defined as an entity created by filing a document with the State Department of Assessments and Taxation, to file with the Department a report containing personal information about each beneficial owner and applicant.  An amended report would be required upon a change in the information reported.

The CT Corporation staff is comprised of experts offering global, regional, and local expertise on registered agent, incorporation, and legal entity compliance.

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