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So I'm taking an online graduate course now, non degree granting...just the one course. I need the course to meet a professional requirement. I want to know whether I will ever need to disclose a transcript/grade from this institution for any kind of future application, particularly law school admissions. If anyone also knows about how it would affect me if I decided to go to graduate school(get an MBA) that would also be helpful.

If you're wondering why I care, it's because I'm gauging how seriously to take this nonsense course. I can put in minimal work and get a grade that would satisfy my requirement, but obviously, if the grade will adversely affect me in the future, I'll have to suck it up and waste my summer.

You are required to report any coursework that you took for credit. But common wisdom seems to be that graduate coursework is not given a great deal of consideration, although a real bad showing is unlikely to help your cause much.

Technically no. If you submitted your transcripts to LSAC before you started grad school then you can just stick with those, you are not obligated to provide them updated transcripts. If however, you have not yet submitted anything, you will have to include the grad school transcript too as the rule is when you do submit, you have to include everything.

Once you apply and accept an offer the school is only going to want to see your UG transcript so it won't be an issue then either.