Some lawmakers are renewing efforts to combat longstanding issues of corruption with a bill targeting anonymous Limited Liability Companies (LLCs).
Championed Democrat Phil Steck and co-sponsored in the state Assembly by Emily Gallagher, along with Brad Hoylman-Sigal in the Senate, the legislation seeks to mandate the disclosure of “beneficial owners” upon the formation of an LLC.
It also calls for the creation of a publicly accessible database where individuals can search for LLC owners and their respective companies.
The bill, which gained traction and approval along party lines in the state Senate, is pending submission to the governor.
Once received, Governor Hochul will have a 10-day window, excluding Sundays, to decide on either endorsing or rejecting the proposed legislation.
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