When people form a business they have several different options of how that can be done. One option is to form a Limited Liability Company (LLC), which can be done easily through a few pages of a form.
One reason business owners like operating through an LLC is that they can form a separate LLC for each property they own and there is no requirement to disclose who the owner of the LLC is. Through an LLC the true owner of property can be kept secret and who is behind a campaign contribution can be kept secret.
The NY state legislature in an effort to end this secrecy passed the LLC Transparency Act which is on Governor Hochul’s desk for her signature. It will be interesting to see if Hochul who claims she is for transparency will sign the bill or if she caves from wealthy special interests who prefer to operate in secret.
