N.Y. Legislator Urges Hochul’s Support in Enacting LLC Transparency Bill

A New York lawmaker is urging Governor Kathy Hochul to sign a bill aimed at increasing transparency for limited liability companies (LLCs). This legislation would require LLCs to disclose the identities of their owners, aiming to prevent shady practices such as money laundering and fraud. Supporters argue that LLCs have been misused by individuals or organizations to shield illegal activities and hide beneficial ownership. By signing this bill, Hochul would enhance accountability and help law enforcement agencies track down those involved in illicit activities, potentially deterring financial crimes within the state..

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For decades, corruption has been one of the nasty facts of Albany’s way of doing things. However, some changes have been made to let the sunshine in and help expunge bad actors and actions in the capital.

The latest effort comes from a bill co-sponsored by Capital Region Democrat Phil Steck aimed at ending the practice of anonymous LLCs in the Empire State.

Steck told Capital Tonight that bad actors could “skirt” campaign finance laws and this change is needed.

The bill, which is sponsored in the state Assembly by Emily Gallagher and by Brad Hoylman-Sigal in the Senate, would require disclosure of “beneficial owners” when the LLC is created and require a database be set up so the public can search owners and companies.

The bill passed on party lines in the state Senate where Democrats control a supermajority. The bill has not yet been delivered to the governor. Once the bill is delivered, the governor will have 10 days, excluding Sundays, to either approve or veto the measure.

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In an effort to combat corruption in Albany, a bill has been introduced to end the use of anonymous limited liability companies (LLCs) in New York. The bill, co-sponsored by Democrat Phil Steck, aims to prevent bad actors from evading campaign finance laws. It would require disclosure of “beneficial owners” when LLCs are formed and create a public database for searching owners and companies. The bill passed in the state Senate along party lines, and now awaits delivery to the governor for approval or veto within 10 days.

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