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Shrestha wants improvements to new LLC law

Dec 27, 2023 12:43 pm

Brian Hubert reports in the Daily Freeman State Assemblyperson Sarahana Shrestha cheered Gov. Kathy Hochul signing the LLC Transparency Act last week calling it a "breakthrough." But she says the law doesn’t make all information about limited liability companies available to public, and needs to be improved. Shrestha wants the owners of LLCs to be published in a searchable database with waivers for those needing privacy such as whistleblowers and participants in the state’s Address Confidentiality Program. She also complained about the wait to get the transparency program started. Shrestha’s office said, “That means the database will be created in 2026.... Once created, our office will plan on assisting constituents who need to access that information. Of course, we are frustrated that we have to wait till 2026, but if we had left it to the Governor’s wish, it was going to be even later.” Hochul’s office said the new law will let law enforcement investigate the ownership structure of LLCs for wage theft, money laundering, and tenant mistreatment. Read more about this story in the Daily Freeman.