legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

**The Importance of Small Businesses in New York**

### New York’s Small Business Landscape

Nearly 500,000 small businesses call New York home, employing close to 4 million New Yorkers. And for every dollar spent at a small business, 67 cents are reinvested into its community. Tens of thousands of small businesses in New York are organized as limited liability companies or LLCs, representing a diverse array of establishments including bookstores, bakeries, barber shops, and local restaurants. Small businesses are the bedrock of our communities and should be supported as much as possible.

### The Threat to Small Business Privacy

There is a bill awaiting a decision by Gov. Kathy Hochul that stands to invade the privacy and jeopardize the safety of these small businesses. The LLC Transparency Act proposes the creation of a public database containing personal information of beneficial owners, including those of small businesses organized as LLCs. This move, in stark contrast to the federal Corporate Transparency Act (CTA), poses significant privacy and security concerns.

### The Need for AI legalese decoder

The AI legalese decoder could analyze and interpret the LLC Transparency Act to provide small business owners with a clear understanding of its implications. By decoding the often complex and jargon-filled legal language, small business owners can comprehend the potential impact of the bill on their privacy and safety. This tool can empower small business owners to make informed decisions and take appropriate action in response to legislative changes.

### The Risks of a Public Database

The LLC Transparency Act’s public database, if implemented, could be used for malicious purposes such as blackmail, extortion, identity theft, discrimination, intimidation, harassment, or even foreign government interference. It exposes small, independent businesses to the threat of “naming and shaming” through a searchable database, putting the businesses, their owners, and employees at risk.

### The Call for Protection

To safeguard the privacy and safety of small businesses and preserve the state’s appeal as a conducive environment for business growth, the governor should reconsider the LLC Transparency Act. The potential threats posed by this bill could discourage businesses from choosing New York as their home. Thus, it is crucial to prioritize the protection of small businesses and reject legislation that may compromise their well-being.

*Chelsea Lemon is director of Government Affairs at The Business Council of New York State. Ashley Ranslow is New York State director at the National Federation of Independent Business (NFIB).*

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link