The Corporate Transparency Act (CTA), passed in 2021 and which became effective on January 1, 2024, establishes a new reporting requirement for many US domestic companies as well as foreign companies registered to do business in the US.

In a previous post, we discussed how the New York LLC Publication Requirement applies to New York Domestic Limited Liability Companies (LLCs) as set forth under Section 206 of New York State Limited Liability Company Law.

If you’ve decided to operate a business as yourself without forming a separate legal business entity, you might be thinking … well, the money flows right into my personal account so that’s how I get paid … while that’s certainly true, it’s not the ideal way to operate as a sole proprietor.

When you form a new business, you will amass a collection of different business formation documents. Be sure to store the original documents in a safe place and keep copies so you have the documents readily available.

Tax season for the 2021 tax year is right around the corner!

If you form a Limited Liability Company (LLC) which has elected to be taxed as a sub-chapter S or S-Corp or you form a corporation which has elected to be taxed as a sub-chapter S or S-Corp at the federal level, keep in mind the following as it relates to New York.

Did you know New York is one of three states that has an LLC Publication Requirement?