3 ms·

there are many of states and entity types where the owner/member/director/principle disclosure requirement happens a long time later you can form companies, do

there are many of states and entity types where the owner/member/director/principle disclosure requirement happens a long time later you can form companies, do the transaction, dissolve the company or let the state dissolve it automatically eventually the record of the title the stays as is, regardless who (or what) the property ownership passed through to but real estate aside, I know people do political contributions this way

danans 5y ago
I agree that LLCs can be abused. The answer to this is stronger enforcement of anti-money-laundering, not preventing LLCs from owning property. But increasing investigation and enforcement of money laundering laws requires the political will of state prosecutors, who are usually elected officials. Only recently have prosecutors willing to actively go after this stuff (like AG Letitia James in NY). LLCs have a useful function (allowing business that limit their owners personal exposure to the business's liabilities, and vice versa).
- vmception 5y ago
  I was just correcting you, I am completely fine with the current reality and wasnt advocating for anything
  - danans 5y ago
    Sure, and for my part, I'm not OK w/ the current reality as you describe it and would strongly consider voting for an AG candidate with a platform that included going after shady LLCs.
    - vmception 5y ago
      An AG needs probable cause for a criminal charge to subpoena all intermediaries, and "shady LLCs" lack probable cause. Similarly, a federal money laundering charge requires an illicit origin, so since the state doesn't know the origin and has no probable cause on what specifically criminal (or non-criminal) origin there is, indiscriminately going after random property owners and random LLCs is going to get curb stomped by every judge in the union. Fishing expeditions don't cut it in this country. Anonymity doesn't require a lack of paper trail. Only a benign paper trail. What did you have in mind for such AG to do?
      - danans 5y ago
        Of course they wouldn't go trawling through LLCs. They would use probable cause established outside. LLCs are just a means for some crimes, not a cause in and of themselves.

danans 5y ago

I agree that LLCs can be abused. The answer to this is stronger enforcement of anti-money-laundering, not preventing LLCs from owning property. But increasing investigation and enforcement of money laundering laws requires the political will of state prosecutors, who are usually elected officials. Only recently have prosecutors willing to actively go after this stuff (like AG Letitia James in NY). LLCs have a useful function (allowing business that limit their owners personal exposure to the business's liabilities, and vice versa).

vmception 5y ago
I was just correcting you, I am completely fine with the current reality and wasnt advocating for anything
- danans 5y ago
  Sure, and for my part, I'm not OK w/ the current reality as you describe it and would strongly consider voting for an AG candidate with a platform that included going after shady LLCs.
  - vmception 5y ago
    An AG needs probable cause for a criminal charge to subpoena all intermediaries, and "shady LLCs" lack probable cause. Similarly, a federal money laundering charge requires an illicit origin, so since the state doesn't know the origin and has no probable cause on what specifically criminal (or non-criminal) origin there is, indiscriminately going after random property owners and random LLCs is going to get curb stomped by every judge in the union. Fishing expeditions don't cut it in this country. Anonymity doesn't require a lack of paper trail. Only a benign paper trail. What did you have in mind for such AG to do?
    - danans 5y ago
      Of course they wouldn't go trawling through LLCs. They would use probable cause established outside. LLCs are just a means for some crimes, not a cause in and of themselves.