OpenAI is potentially undergoing a major corporate restructure, considering a shift to a Public Benefit Corporation (PBC) to balance its mission of developing ethical AI with the need for substantial funding. This follows the departure of key executives, including CTO Mira Murati and VP of Research Barret Zoph, signaling significant internal changes.

A "Reporting Company" includes most corporations and LLCs but exempts large operating companies, regulated entities, inactive entities, and certain nonprofits. Reporting Companies must provide detailed beneficial ownership information to FinCEN and update changes within 30 days.

New York has updated its LLC laws to enhance corporate transparency, effective January 1, 2026. These changes require LLCs to disclose beneficial ownership information to the state, mirroring the federal Corporate Transparency Act (CTA) and FinCEN's Beneficial Ownership Information Reporting (BOIR). The CTA, effective January 1, 2024, mandates that most entities report their beneficial owners' details to FinCEN.

Do I have to comply with the Corporate Transparency Act (CTA) and FinCEN's Beneficial Owner Reporting Requirement (BOIR)?