NY Brokers Concerned Over Non-Compete Ban and LLC Transparency Act
New York City residential brokers are criticizing the LLC Transparency Act, which would require the names of LLC owners and the addresses of their businesses to be published in a publicly searchable database maintained by the Department of State. Brokers argue that the law would unnecessarily reveal information to the public that could be limited to law enforcement agencies monitoring bad actors. The public nature of the database could also saddle some, especially those in the public eye, with security risks. Despite privacy concerns, several brokers say they don’t expect the law to have an inordinate impact on the market.