Permitting anonymous limited liability companies (LLCs) to do business in New York was a public policy mistake that deserves correction according to legislators in the US state who have passed a bill requiring beneficial ownership disclosure.

The state’s LLC Transparency Act differs significantly from the federal Corporate Transparency Act (CTA) by requiring the creation and maintenance of a beneficial ownership registry that is searchable by the public. The CTA does not does not make beneficial ownership information open to the public.

You need to be logged in to view this article.

If you are an existing subscriber please enter your credentials to log in.

To become a member of The Association of Trade Finance Compliance Professionals (ATFCP) click here!