New York A07296 limits the number of residential properties a limited liability company can own and requires beneficial owners to identify themselves.

New York A07296 amends the limited liability company law to limit the number of residential properties an individual can own through limited liability companies to three. It also mandates that any deed involving a limited liability company must include an affidavit identifying the beneficial owners. Failure to submit such an affidavit renders the deed unrecordable. Additionally, the bill amends the real property law to require disclosure of beneficial owners within 30 days of recording articles of organization for a limited liability company intending to acquire residential real property.

New York A07296 limits the number of residential properties a limited liability company can own and requires beneficial owners to identify themselves.

New York A07296 amends the limited liability company law to limit the number of residential properties an individual can own through limited liability companies to three. It also mandates that any deed involving a limited liability company must include an affidavit identifying the beneficial owners. Failure to submit such an affidavit renders the deed unrecordable. Additionally, the bill amends the real property law to require disclosure of beneficial owners within 30 days of recording articles of organization for a limited liability company intending to acquire residential real property.