People looking for anonymity in their business dealings might be shocked to find they no longer can use limited liability companies (LLCs) to hide their ownership interests under the Corporate Transparency Act, a federal law aimed at curtailing money laundering that went into effect on January 1.
The feds aren't the only ones going after shell companies. In December, New York Governor Kathy Hochul signed into law the New York LLC Transparency Act, a similar measure that requires beneficial owners of LLCs to file personal information with the New York Department of State. California's legislature has its own version of the law in the works.
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