One of the benefits of being a member of a limited liability company or a stockholder of a private company was that the public and the government didn’t know about it.
Unless you are an organizer of an LLC or a director or officer of a corporation where your name is on a public filing with the state the company’s organization, you are anonymous.
That’s going to change with the recent new regulation from the Financial Crimes Enforcement Network, a Treasury Department agency that enforces the Corporate Transparency Act which is part of the Anti-Money Laundering Act of 2020.
When the regulation goes into effect about 28 million entities will be required to “confidentially” report to FINCEN each beneficial owner’s:
full legal name,
date of birth,
current resident or business street address, and
driver’s license or passport number and a scanned copy of that document.
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