New York has become the first state to enact an analogue to the federal Corporate Transparency Act (the “CTA”), having signed the New York Limited Liability Company Transparency Act (“NYLTA”) into law on December 22, 2023, and later amending it on March 1, 2024. The NYLTA, which will become effective on January 1, 2026, aims
On Friday, March 1, 2024, Federal District Court Judge Liles Burke of the US District Court for the Northern District of Alabama issued a ruling on National Small Business United d/b/a National Small Business Association v. Yellen, in which the Court found that the Corporate Transparency Act (CTA) is unconstitutional “[b]ecause the CTA exceeds the
The reporting requirements under the Corporate Transparency Act (CTA) will come into effect on January 1, 2024. The U.S. Treasury estimates that more than 32 million pre-existing entities and approximately 5 million new reporting companies annually over the next decade will have to register under the CTA.
The CTA was enacted on January 1, 2021