Assembly Actions - Lowercase Senate Actions - UPPERCASE |
|
---|---|
May 23, 2023 | print number 995b |
May 23, 2023 | amend (t) and recommit to corporations, authorities and commissions |
Apr 28, 2023 | print number 995a |
Apr 28, 2023 | amend (t) and recommit to corporations, authorities and commissions |
Jan 09, 2023 | referred to corporations, authorities and commissions |
senate Bill S995B
Sponsored By
Brad Hoylman-Sigal
(D, WF) 47th Senate District
Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- Introduced
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
Your Voice
Actions
Bill Amendments
Co-Sponsors
Jabari Brisport
(D, WF) 25th Senate District
Cordell Cleare
(D) 30th Senate District
Liz Krueger
(D, WF) 28th Senate District
Zellnor Myrie
(D) 20th Senate District
S995 - Details
- See Assembly Version of this Bill:
- A3484
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Limited Liability Company Law
- Laws Affected:
- Amd §§102, 203, 211, 802 & 804, add §§215 & 810, Lim Lil L; add §100-b, Exec L
- Versions Introduced in 2021-2022 Legislative Session:
-
S8439, A9415
S995 - Summary
Relates to the disclosure of beneficial owners of limited liability companies and foreign limited liability companies and certain information about such beneficial owners; requires the secretary of state to maintain a public database of all business entities organized in the state and all foreign business entities with authority to do business in the state.
S995 - Sponsor Memo
BILL NUMBER: S995 SPONSOR: HOYLMAN TITLE OF BILL: An act to amend the limited liability company law, in relation to the disclosure of beneficial owners of limited liability companies PURPOSE OR GENERAL IDEA OF BILL: This bill aims to modernize disclosure laws for limited liability compa- nies by defining beneficial ownership and requiring the disclosure of beneficial owners. SUMMARY OF SPECIFIC PROVISIONS: Section one is the short title. Section two amends the LLC law to define beneficial ownership, exclude certain individuals from qualifying as beneficial owners, and capture indirect forms of beneficial ownership, including through trusts and intermediaries.
S995 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 995 2023-2024 Regular Sessions I N S E N A T E January 9, 2023 ___________ Introduced by Sens. HOYLMAN, BRISPORT, CLEARE, KRUEGER, MYRIE, RIVERA, SALAZAR -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commis- sions AN ACT to amend the limited liability company law, in relation to the disclosure of beneficial owners of limited liability companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "LLC transparency act". § 2. Section 102 of the limited liability company law is amended by adding a new subdivision (ii) to read as follows: (II) (1) "BENEFICIAL OWNER" MEANS A NATURAL PERSON WHO, DIRECTLY OR INDIRECTLY, (A) HOLDS A MEMBERSHIP INTEREST IN A LIMITED LIABILITY COMPANY; (B) EXERCISES SUBSTANTIAL CONTROL OVER THE DECISIONS OF A MEMBERSHIP INTEREST IN A LIMITED LIABILITY COMPANY; OR (C) HAS BEEN ASSIGNED A MEMBERSHIP INTEREST IN A LIMITED LIABILITY COMPANY. FOR THE PURPOSES OF THIS SUBDIVISION AND FOR ANY REFERENCES TO BENEFICIAL OWNERS OF ANY LIMITED LIABILITY COMPANY, THE TERM "LIMITED LIABILITY COMPANY" SHALL INCLUDE, WHERE APPLICABLE, FOREIGN LIMITED LIABILITY COMPANIES AND AUTHORIZED FOREIGN LIMITED LIABILITY COMPANIES. (2) THE TERM "BENEFICIAL OWNER" SHALL NOT INCLUDE: (A) A MINOR CHILD; (B) A PERSON ACTING AS A NOMINEE, INTERMEDIARY, CUSTODIAN, OR AGENT ON BEHALF OF ANOTHER PERSON; (C) A PERSON ACTING SOLELY AS AN EMPLOYEE OF A LIMITED LIABILITY COMPANY AND WHOSE CONTROL OVER OR ECONOMIC BENEFITS FROM THE LIMITED LIABILITY COMPANY DERIVES SOLELY FROM THE EMPLOYMENT STATUS OF THE PERSON; (D) A PERSON WHOSE ONLY INTEREST IN A LIMITED LIABILITY COMPANY IS THROUGH A RIGHT OF INHERITANCE, UNLESS THE PERSON ALSO MEETS THE REQUIREMENTS OF PARAGRAPH ONE OF THIS SUBDIVISION; (E) A CREDITOR OF A LIMITED LIABILITY COMPANY, UNLESS THE CREDITOR ALSO MEETS THE REQUIREMENTS OF PARAGRAPH ONE OF THIS SUBDIVISION; OR (F) ANY EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00252-01-3
Co-Sponsors
Jabari Brisport
(D, WF) 25th Senate District
Cordell Cleare
(D) 30th Senate District
Liz Krueger
(D, WF) 28th Senate District
Rachel May
(D, WF) 48th Senate District
S995A - Details
- See Assembly Version of this Bill:
- A3484
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Limited Liability Company Law
- Laws Affected:
- Amd §§102, 203, 211, 802 & 804, add §§215 & 810, Lim Lil L; add §100-b, Exec L
- Versions Introduced in 2021-2022 Legislative Session:
-
S8439, A9415
S995A - Summary
Relates to the disclosure of beneficial owners of limited liability companies and foreign limited liability companies and certain information about such beneficial owners; requires the secretary of state to maintain a public database of all business entities organized in the state and all foreign business entities with authority to do business in the state.
S995A - Sponsor Memo
BILL NUMBER: S995A SPONSOR: HOYLMAN-SIGAL TITLE OF BILL: An act to amend the limited liability company law, the tax law, the administrative code of the city of New York, and the executive law, in relation to the disclosure of beneficial owners of limited liability companies PURPOSE OR GENERAL IDEA OF BILL: This bill aims to end the practice of anonymous ownership of limited liability companies in New York by defining beneficial ownership, requiring the disclosure of the identities of beneficial owners upon company formation or registration, and publishing beneficial owners of limited liability companies in New York's publicly searchable corpo- ration and business entity database. SUMMARY OF SPECIFIC PROVISIONS: Section one is the short title.
S995A - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 995--A 2023-2024 Regular Sessions I N S E N A T E January 9, 2023 ___________ Introduced by Sens. HOYLMAN-SIGAL, BRISPORT, CLEARE, KRUEGER, MYRIE, RIVERA, SALAZAR -- read twice and ordered printed, and when printed to be committed to the Committee on Corporations, Authorities and Commis- sions -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the limited liability company law, the tax law, the administrative code of the city of New York, and the executive law, in relation to the disclosure of beneficial owners of limited liability companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "LLC transparency act". § 2. Section 102 of the limited liability company law is amended by adding a new subdivision (ii) to read as follows: (II) (1) "BENEFICIAL OWNER" MEANS THE SAME AS SUCH TERM IS DEFINED IN 31 C.F.R. § 1010.380 (D). (2) "INITIAL REPORT" MEANS THE SAME AS SUCH TERM IS DEFINED IN 31 C.F.R. § 1010.380 (B). (3) "REPORTING COMPANY" MEANS A LIMITED LIABILITY COMPANY THAT DOES NOT MEET A CONDITION FOR EXEMPTION ENUMERATED IN 31 C.F.R. § 1010.380 (C)(2). (4) "EXEMPT COMPANY" MEANS A LIMITED LIABILITY COMPANY THAT MEETS A CONDITION FOR EXEMPTION ENUMERATED IN 31 C.F.R. § 1010.380 (C)(2). (5) FOR THE PURPOSES OF THIS SUBDIVISION AND FOR ANY REFERENCES TO BENEFICIAL OWNERS OF ANY LIMITED LIABILITY COMPANY, THE TERM "LIMITED LIABILITY COMPANY" SHALL INCLUDE, WHERE APPLICABLE, FOREIGN LIMITED LIABILITY COMPANIES AND AUTHORIZED FOREIGN LIMITED LIABILITY COMPANIES. § 3. Paragraphs 6 and 7 of subdivision (e) of section 203 of the limited liability company law, as added by chapter 470 of the laws of 1997, are amended to read as follows: EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00252-07-3
Co-Sponsors
Jabari Brisport
(D, WF) 25th Senate District
Samra G. Brouk
(D, WF) 55th Senate District
Cordell Cleare
(D) 30th Senate District
Liz Krueger
(D, WF) 28th Senate District
S995B (ACTIVE) - Details
- See Assembly Version of this Bill:
- A3484
- Current Committee:
- Senate Corporations, Authorities And Commissions
- Law Section:
- Limited Liability Company Law
- Laws Affected:
- Amd §§102, 203, 211, 802 & 804, add §§215 & 810, Lim Lil L; add §100-b, Exec L
- Versions Introduced in 2021-2022 Legislative Session:
-
S8439, A9415
S995B (ACTIVE) - Summary
Relates to the disclosure of beneficial owners of limited liability companies and foreign limited liability companies and certain information about such beneficial owners; requires the secretary of state to maintain a public database of all business entities organized in the state and all foreign business entities with authority to do business in the state.
S995B (ACTIVE) - Sponsor Memo
BILL NUMBER: S995B SPONSOR: HOYLMAN-SIGAL TITLE OF BILL: An act to amend the limited liability company law and the executive law, in relation to the disclosure of beneficial owners of limited liability companies PURPOSE OR GENERAL IDEA OF BILL: This bill aims to end the practice of anonymous ownership of limited liability companies in New York by defining beneficial ownership, requiring the disclosure of the identities of beneficial owners upon company formation or registration, and publishing beneficial owners of limited liability companies in New York's publicly searchable business entity database. SUMMARY OF SPECIFIC PROVISIONS: Section one is the short title.
S995B (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 995--B 2023-2024 Regular Sessions I N S E N A T E January 9, 2023 ___________ Introduced by Sens. HOYLMAN-SIGAL, BRISPORT, CLEARE, KRUEGER, MAY, MYRIE, RAMOS, RIVERA, RYAN, SALAZAR, WEBER -- read twice and ordered printed, and when printed to be committed to the Committee on Corpo- rations, Authorities and Commissions -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said commit- tee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the limited liability company law and the executive law, in relation to the disclosure of beneficial owners of limited liabil- ity companies THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Short title. This act shall be known and may be cited as the "LLC transparency act". § 2. Section 102 of the limited liability company law is amended by adding four new subdivisions (ii), (jj), (kk) and (ll) to read as follows: (II) "BENEFICIAL OWNER" SHALL HAVE THE SAME MEANING AS DEFINED IN 31 U.S.C. § 5336(A)(3), AS AMENDED, AND ANY REGULATIONS PROMULGATED THERE- UNDER. (JJ) "INITIAL REPORT" SHALL MEAN THE REPORT REQUIRED TO BE FILED PURSUANT TO 31 C.F.R. § 1010.380, AS AMENDED. (KK) "REPORTING COMPANY" SHALL HAVE THE SAME MEANING AS DEFINED IN 31 U.S.C. § 5336(A)(11)(A), AS AMENDED, AND ANY REGULATIONS PROMULGATED THEREUNDER, BUT SHALL ONLY INCLUDE LIMITED LIABILITY COMPANIES AND FOREIGN LIMITED LIABILITY COMPANIES. (LL) "EXEMPT COMPANY" SHALL MEAN A LIMITED LIABILITY COMPANY OR FOREIGN LIMITED LIABILITY COMPANY NOT OTHERWISE DEFINED AS A REPORTING COMPANY THAT MEETS A CONDITION FOR EXEMPTION ENUMERATED IN 31 U.S.C. § 5336(A)(11)(B). EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD00252-09-3 S. 995--B 2
Comments
Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.
Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.