Lawmakers Advance Bill to Unmask Property Owners Behind LLCs
Real Estate attorney Stuart Saft was quoted in a Real Deal article about a New York bill that would require the names of the owners of limited liability companies (LLCs) to be added to a public database. The LLC Transparency Act has been approved by the state Senate and Assembly and now heads to the governor's desk for signing. The database would include information like the owners' names and business addresses, as well as historical information like name changes. Proponents of the bill say it would help curb activities such as anti-money laundering that are more easily accomplished with anonymity. Mr. Saft countered that the bill, which applies to all LLCs registered in the state, could drive away investment. He also cited privacy concerns, pointing out that the registry could leave owners vulnerable to identity theft.
"New York is again shooting itself in the foot," he said. "This information should absolutely not be made public."