Navigating NY DFS Part 500

The requirements set forth by NY DFS 500 have varying dates by which they are required to be complied with by covered entities (a discussion of covered entities and exemptions can be found here). This information can be found in 23 NYCRR § 500.22, where it is referred to as Transitional Periods. These dates can also be found on the New York Department of Financial Services’ website, found here. Finally, there is a published list of frequently asked questions by the Department, found here…

Forming a PLLC in New York

Creating a Professional Service Limited Liability Company (hereinafter “PLLC”) in New York can be a time consuming and relatively expensive process. This post provides a general list of the steps involved. The requirements for establishing a PLLC under New York Law are provided for in New York’s Limited Liability Company Law (hereinafter ‘NY LLC Law’) and the process is governed by the New York Department of State (whose website can be found here)…