”Incorporation Transparency and Law Enforcement Assistance Act”

For a copy of this proposed federal bill, see here.

This bill would require states to collect beneficial ownership information from applicants forming corporations or limited liability companies. The beneficial ownership information would have to: 1) identify each beneficial owner by name and current address, and 2) if the beneficial owner exercises control over the corporation or limited liability company through another legal entity, it would have to identify each such legal entity and each such beneficial owner who will use that entity to exercise control over the corporation or limited liability company.

States would also be required to collect updates of the list of beneficial owners in annual filings, or require disclosure each time a change is made in beneficial ownership. I have installed a tracker from govtrack.us to track the progress of this bill through Congress. Click on “Bills and Resolutions” and search “S.569.”

About Joe Wallin

Joe Wallin focuses on emerging, high growth, and startup companies. Joe frequently represents companies in angel and venture financings, mergers and acquisitions, and other significant business transactions. Joe also represents investors in U.S. businesses, and provides general counsel services for companies from startup to post-public.
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