By Wei Min Tan
1. What is the new rule?
New York is piloting a new disclosure rule that requires LLCs to disclose the names of its members. This new rule, on a test run, will take effect from March till August 2016. The rule is aimed at uncovering money laundering activity.
2. What types of property are affected?
The rule will only impact transactions involving:
(i) all cash
(ii) property priced at $3 million or higher
(iii) LLC (limited liability company) ownership
