Small businesses are not happy in New York state after a new state law was implemented.
Governor Hochul today signed the LLC Transparency Act, which will create a database of owner names and information on Limited Liability Corporations that can be accessed by government agencies and law enforcement. The records had previously been hidden.
The new law would allow agencies to crack down on illegal money laundering and other illegal actions carried out by people hiding behind LLCs.
For too long, bad actors have been protected by lax LLC ownership disclosure requirements,” said Governor Hochul. “Wage theft, money laundering, tenant mistreatment and other illegal activities have been masked by the opaque ownership structure of an LLC. The new LLC Transparency Act will give law enforcement and state regulators the tools they need to hold bad actors accountable,” New York State Website.
All sorts of people on social media are unhappy with the move, saying Hochul has “weakened” the idea of an LLC to some extent. However, the database of information that would be evaluable is not open to the public for free consultation.
Beautiful $1.35 Million Home in Delaware Park
When you look inside this beautiful luxury home right next to Delaware Park, you’ll want it to be yours.
Gallery credit: Howard Hanna WNY Inc. via Redfin/Canva