SACRAMENTO, Calif. (AP) — A California lawmaker wants to require business owners and landlords to disclose their identities under legislation aimed at cracking down on opaque ownership structures that have enabled some companies to skirt state laws without facing consequences.
Limited liability companies and similar corporations in the United States are often formed to protect a business owner’s personal assets. In California, the world’s fifth largest economy, such businesses are already required to register with the Secretary of State and share information including the name of the business, its address and the names of its executives or representatives.
But Democratic state Sen. Maria Elana Durazo said that that’s not enough. She also wants the public to know who actually owns the company. Her bill would require these companies to list anyone who owns at least 25% of the company’s assets on its registration with the state. It would apply to all LLCs and similar corporations regardless of the size.
NFL draft: Top defensive players on the board
Lazy or genius? It's the gadget that's becoming a must
Spotify hikes its prices for millions of UK customers: Premium plans jump by up to 13%
Abu Ghraib military contractor warned bosses of abuses 2 weeks after arriving, testimony reveals
Travellers share snaps of the worst behaved flight passengers
Subway announces major menu shake
Sky is back online following a five
Video: Escaped circus elephant stops traffic in Montana
Piece of 5,800lb battery pallet tossed from NASA's ISS crashes through Florida home
Canisius hires Penn State assistant Tiffany Swoffard to take over women's basketball program
The Apprentice star Tre Lowe shares Lord Sugar's secret five