Senator Gallivan Introduces Legislation to Reform LLC Law

Senator Patrick M. Gallivan (R-C-I, Elma) has introduced legislation to amend the law pertaining to limited liability companies, or LLC’s, in relation to political campaigns.  The bill would require individuals associated with the LLC to be identified and would restrict LLC’s from being established wholly to make political campaign contributions. 

“These reforms will ensure greater disclosure and transparency,” Gallivan said.  “By amending the LLC law and election law, we can close loopholes that have too often resulted in abuse.  LLC’s will now be required to attach a name to the entity when filing financial statements with the Board of Elections.”

The bill would also require out of state LLC’s to register with New York State.

A 1996 ruling by the New York State Board of Elections classified LLC’s not as an entity but as an individual in relation to campaign contributions.  However, it is difficult to indentify a person associated with the LLC when the entity is making a campaign contribution.  This legislation would change that.

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