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Hochul’s Choice: Sign LLC Transparency Act, or Ignore NY’s Key Role in Global Money Laundering

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Hochul’s Choice: Sign LLC Transparency Act, or Ignore NY’s Key Role in Global Money Laundering ...
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.
Below is more information regarding the need for this legislation.

The Author

Paul is the founder of the NY Coalition For Open Government and has truly loved seeing it become what it is today and is excited about its future growth.

As an attorney for 32 years, he is a partner in the law firm of Berzer & Wolf. Prior to his private law practice, Paul served in several government positions with the Buffalo Common Council, Buffalo Housing Authority, and Erie County.

When he is not practicing law and doing open government stuff, Paul enjoys spending time with his spouse, Cheryl, and his three children, Michael, Joseph, and Julia. Paul resides in Amherst, NY, a suburb of Buffalo.

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