Vote Smart's Synopsis:

Vote to pass a bill that requires limited liability companies (LLC) to disclose their so-called beneficial owners.

Highlights:

• Defines several terms related to LLCs (Sec. 1). 

• Specifies that to be considered an exempt company from reporting rules, the owner must fill out certain forms (Sec. 1). 

• Specifies that a form needs to be filled out at the time of amendments to the information that is required to be disclosed by the act (Sec. 1). 

• Requires Beneficial companies to disclose any change in the information provided and the full name of the owner of the company (Sec. 1). 

• Specifies that any name that is deemed to be exempt from not being included in a business database shall be deemed confidential (Sec. 1).

• Specifies that companies formed before the institution of this act will need to fill out a form if they want to be considered exempt from the disclosure requirements (Sec. 1). 

• Specifies that a reporting company who has not submitted the required information shall be shown to be past-due in the records of the department until they provide it (Sec. 1). 

• Requires the secretary of state to maintain an online business database with certain procedures for the interests of privacy for some exempt LLC and Beneficial Company owners (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that requires limited liability companies (LLC) to disclose their so-called beneficial owners.

Highlights:

• Defines several terms related to LLCs (Sec. 1). 

• Specifies that to be considered an exempt company from reporting rules, the owner must fill out certain forms (Sec. 1). 

• Specifies that a form needs to be filled out at the time of amendments to the information that is required to be disclosed by the act (Sec. 1). 

• Requires Beneficial companies to disclose any change in the information provided and the full name of the owner of the company (Sec. 1). 

• Specifies that any name that is deemed to be exempt from not being included in a business database shall be deemed confidential (Sec. 1).

• Specifies that companies formed before the institution of this act will need to fill out a form if they want to be considered exempt from the disclosure requirements (Sec. 1). 

• Specifies that a reporting company who has not submitted the required information shall be shown to be past-due in the records of the department until they provide it (Sec. 1). 

• Requires the secretary of state to maintain an online business database with certain procedures for the interests of privacy for some exempt LLC and Beneficial Company owners (Sec. 1).

Full Bill Text