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. |
China Opens 382 New Museums in 2022Hangzhou Asiad Medal Design Unveiled with 100 Days to GoGreen Rural Revival Program Lifts Image of Countryside in China's ZhejiangChina Specifies Measures to Ease Burden of Student LoansChina Sees Improved Ecological Vegetation Quality in 2022Water festival attacks kill 3 during Myanmar coup leader’s holiday — Radio Free AsiaFeature: Young Chinese Street Dancers Pursuing Olympic, Asiad DreamStudents Enjoy Activities During Summer Vacation in ChinaMaternity Insurance Coverage to Be ExpandedStudents Seek Stability in Jobs, Not Flexibility