Discover crucial legal steps for first-time homebuyers in New York. Khalifeh & Strupinsky, P.C., Brooklyn, NY, explain contract contingencies, title issues, and more.

As of January 1st, limited liability companies formed in a foreign country who plan to do business in New York state must now disclose beneficial ownership to the Department of State within 30 days of filing their articles of organization. Beneficial owners are defined as those who exercise "substantial control" over the reporting company or who own no less than 25% of it. Each beneficial owner must provide personal information including: their full legal name; date of birth; current home or business street address; and a unique identifying number from an unexpired passport, driver's license, or government-issued identification card. Ownership disclosure statements or attestations of exemptions (for LLCs formed in other states or U.S. territories) must be now filed electronically every year, with a $25 fee for each document. For a more detailed breakdown of the new law, who it affects, and what they should do, the Department of State has provided an FAQ section on its website.  This act is the first state statute allowing for a state-level beneficial ownership database, with the purpose of inhibiting fraud and theft committed by anonymous shell companies. In this way, the New York statute is a narrower extension of the Corporate Transparency Act (CTA) passed by Congress in 2021. However, some definitions differ between the two laws, leading to inconsistencies that are outlined in this article . The NYS Transparency Act is likely to undergo further modifications, and the Department of State encourages that companies regularly check their website and the New York State LLC Law sections 1106, 1107, and 1108 for updated information.

Learn key differences between a will and a trust for estate planning with Khalifeh & Strupinsky, P.C. in Brooklyn and New York, NY. Protect your legacy today.

Avoid common mistakes when creating your first will with Khalifeh & Strupinsky, P.C., providing estate planning services in Brooklyn and New York, NY.

Khalifeh & Strupinsky, P.C. in Brooklyn, NY provides professional estate administration services to help families manage estates with care and precision.

Back in 2021, Eugene was mentioned in this blog about hard-fought copyright case Golden v. Michael Grecco Productions, Inc., where he represented blogger Lee Golden. For more information on copyright issues, check out our other blogs linked below! https://www.khalifehstrupinsky.com/blog/2021/03/right-of-publicity-for-models-in-photographs-is-a-distinct-right-apart-from-copyright https://www.khalifehstrupinsky.com/is-ai-fair-use https://www.khalifehstrupinsky.com/is-ai-or-ia-fair-use-more-thoughts

Khalifeh & Strupinsky, P.C. in Brooklyn, NY assists with probate, administration, small estates, and ancillary proceedings, offering trusted legal guidance.

Hachette v. Internet Archive (2024) considers long term consequences

Khalifeh & Strupinsky, P.C. in Brooklyn, NY helps ensure your estate plan includes real estate deeds to protect your legacy and streamline asset distribution.