Do I Have To File a BOI Report With New York?

IMPORTANT UPDATE: Please refer to our most recent post for the newest information on the New York LLC Transparency Act HERE.

YES, if you operate an LLC connected to New York, you will almost certainly have to file a BOI report with New York.

Every covered LLC must file either a BOI report or an attestation of exemption, and that obligation repeats annually.

What Is the New York BOI Requirement?

The New York BOI requirement is a state-level beneficial ownership reporting system created under the New York LLC Transparency Act.

It is separate from the federal Corporate Transparency Act (CTA) and FinCEN BOI rules. Even if an LLC has no federal BOI obligation, it may still be required to file in New York.

Key differences from the federal system include:

• Applies only to LLCs (not corporations)

• Requires filings even for exempt entities

• Includes an annual filing requirement

When Does New York BOI Filing Start?

The law becomes effective January 1, 2026.

Filing deadlines depend on when the LLC was formed or registered.

LLCs Formed or Registered Before January 1, 2026

• Initial BOI report or exemption attestation due by January 1, 2027

LLCs Formed or Registered On or After January 1, 2026

• Initial filing due within 30 days of formation or registration

After the initial filing, all LLCs must file annually.

Who Has to File a BOI Report in New York?

The Core Rule

An entity must file under New York’s BOI rules if it is:

• A New York domestic LLC, or

• A foreign LLC authorized to do business in New York

These entities are collectively considered LLCs “formed or registered to do business in New York.”

Each such LLC must file one of the following:

• A BOI report, or

• An attestation of exemption

Reporting LLC vs Exempt LLC

Which LLCs Must File a BOI Report?

An LLC must file a BOI report if it does not qualify for an exemption under the NYLTA.

Reporting LLCs must:

• File an initial BOI report, and

• Submit an annual statement confirming or updating ownership information

Which LLCs Are Exempt?

New York recognizes the same general exemption categories used under the federal CTA, including:

• Large operating companies

• Banks and financial institutions

• Public companies

• Insurance companies

• Registered investment advisers

• Certain nonprofit entities

• Subsidiaries of exempt companies

Important: Exempt LLCs are still required to file.

Instead of a BOI report, exempt LLCs must file an attestation of exemption stating:

• Which exemption applies

• Facts supporting the exemption

• A certification signed under penalty of perjury

Exempt LLCs must also confirm their exemption annually.

What Is a Beneficial Owner Under New York BOI Rules?

For reporting LLCs, a beneficial owner is any individual who:

• Owns or controls 25 percent or more of the LLC, or

• Exercises substantial control over the LLC

Substantial control includes:

• Senior officers

• Individuals with authority over major decisions

• Persons with appointment or removal power

There is no cap on the number of beneficial owners that must be reported.

Who Is an Applicant?

New York also requires disclosure of LLC applicants.

An applicant generally includes:

• The person who files the formation or registration documents, and

• Any individual who directs or controls that filing

This commonly includes law firm staff, paralegals, registered agent services, or internal employees.

Unlike federal BOI rules, New York requires applicant information even for LLCs formed before 2026.

What Information Is Required in a New York BOI Filing?

For Reporting LLCs

• Legal name and principal office address

• Jurisdiction of formation

• NYDOS identifiers

• Beneficial owner information:

  • Full legal name

  • Date of birth

  • Address

  • Government-issued ID number

For Applicants

• Same personal information as beneficial owners

New York does not provide a reusable ID system. Information must be submitted for each filing.

For Exempt LLCs

• Exemption category

• Supporting facts

• Annual confirmation

Is New York BOI Information Public?

No. BOI data is stored in a secure NYDOS database and is not publicly accessible.

However, compliance status is public. LLCs that fail to file can be labeled “Past Due” or “Delinquent,” which may be visible to banks, investors, and counterparties.

What Are the Penalties for Not Filing?

Failure to file can result in:

• Public noncompliance status

• Civil penalties of up to $500 per day

• Potential suspension, dissolution, or loss of authority to do business in New York

For companies managing many LLCs, penalties can accumulate rapidly.

Summary: Do You Have to File a BOI Report With New York?

If an entity is an LLC formed in New York or registered to do business in New York, it must file something under the New York LLC Transparency Act.

• Reporting LLCs file BOI reports

• Exempt LLCs file exemption attestations

• All covered LLCs file annually

For high-volume LLC filers, New York BOI compliance is not optional and not one-time.

It is an ongoing, portfolio-wide obligation that requires structured tracking and repeatable processes.