NY Lawmaker: LLCs Should Be Required To Disclose Owners

ALBANY, N.Y. (AP) — A New York state senator is proposing new disclosure rules for limited liability companies to give the public more information about who is influencing state politics and cashing in on big real estate deals.

Manhattan Democrat Brad Hoylman announced new legislation Monday that would require LLCs to disclose the names and addresses of their owners.

Under current law, deep-pocketed individuals can use LLCs to skirt campaign contribution limits and make virtually unlimited donations to politicians. LLCs can also be used to hide the details about who is behind big real estate transactions.

Hoylman says the murky rules mean that LLCs can be exploited for money laundering, tax evasion or political corruption.

Lawmakers are scheduled to reconvene in January.

The legislation's details were first reported by The Associated Press.