Firm News

Kleinberg Kaplan’s Joshua Bromberg Quoted in Bloomberg Tax Regarding Effectiveness of Bill Intended to Uncover LLC Owners

Firm News | August 16, 2023 | Commercial and Corporate Litigation

Kleinberg Kaplan partner Joshua Bromberg was quoted in Bloomberg Tax article, “Tax Professionals Question Muscle Behind NY Bid to Unmask LLCs.” The article discusses the possible efficacy of a proposed bill to create a state database of beneficial owners of limited liability companies, given the “low penalty structure” and potential workarounds for the LLC owners.

In the article, Joshua points out that the enforcement measures in this bill come across as “a slap on the wrist to a company that is not compliant.” He further explains that the bill doesn’t prevent delinquent companies from entering into transactions.

To read the full Bloomberg Tax article, please click here. Please note that Bloomberg Tax requires a paid subscription to access their content.