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Anonymous LLC Ownership

By Patrick J. O'Sullivan, Jr.

Real estate ownership by limited liability companies (LLCs) has increasingly received attention as their use, in commercial, and particularly residential, real estate has grown. LLCs are used for various reasons, such as protection against potential liabilities and privacy concerns, similar in many respects to many older ownership structures. More recently, however, local, national and international governmental entities, as well as non-profit watchdog organizations, are increasingly focused on greater real estate ownership transparency, primarily to address concerns regarding the circumvention of anti-money laundering and counter-terrorism financing measures.

Critics of LLCs in their current form have made a number of proposals to improve transparency of beneficial ownership, either requiring the filing of beneficial ownership information with government agencies or requiring stronger due diligence efforts by real estate industry participants. To date, these proposals have not gained significant traction in the United States, where state laws on company formation continue to provide anonymity to LLC beneficial owners.

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