Bill > H3566

This bill aims to ensure transparency in limited liability companies (LLCs) by introducing the concept of "beneficial owners" and requiring disclosure of their information. The key provisions include: 1. Defining "beneficial owner" as a person who directly or indirectly holds a membership interest, exercises substantial control, or has been assigned a membership interest in an LLC or foreign LLC, with some exceptions. 2. Requiring LLCs and foreign LLCs to disclose their beneficial owners when filing their certificate of organization or application for registration, including details like name, date of birth, address, and taxpayer identification number. 3. Mandating LLCs and foreign LLCs to amend their certificate of organization or application for registration to reflect changes in their beneficial owners. 4. Allowing LLCs and foreign LLCs to submit the beneficial ownership information they provided to the federal government under 31 U.S.C. §5336 to satisfy the disclosure requirements. 5. Making the disclosed beneficial ownership information a matter of public record. The overall goal of this bill is to enhance transparency and accountability in the ownership and control of LLCs and foreign LLCs operating in the state.

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https://malegislature.gov/Bills/193/H3566