Amends definitions of "beneficial owner," "reporting company," and "exempt company" to clarify scope of provisions for limited liability companies.

This bill amends the definitions of "beneficial owner," "reporting company," and "exempt company" in the limited liability company law. It sets the scope of certain provisions relating to beneficial owners of limited liability companies. The bill also authorizes the department of state to further clarify any such definitions. The changes aim to ensure that the definitions align with federal standards and provide clarity for entities operating within New York state.

Amends definitions of "beneficial owner," "reporting company," and "exempt company" to clarify scope of provisions for limited liability companies.

This bill amends the definitions of "beneficial owner," "reporting company," and "exempt company" in the limited liability company law. It sets the scope of certain provisions relating to beneficial owners of limited liability companies. The bill also authorizes the department of state to further clarify any such definitions. The changes aim to ensure that the definitions align with federal standards and provide clarity for entities operating within New York state.