Lawmaker Targets California Companies That Hide Ownership

Published on April 19, 2024

A California state senator wants the state to require limited liability companies to disclose ownership information with a bill filed April 17. Sen. Maria Elena Durazo (D-Los Angeles), author of Senate Bill 1201, called it a “good governance” bill that would provide more transparency about business owners. “Some owners can abuse LLCs to shield not only their assets, but also their identities,” Ms. Durazo said during the committee meeting Tuesday. “Without owner transparency, we as policy makers and enforcement agencies, and the public lack critical information to make informed policy decisions.” The anonymity and lack of information also frustrates officials investigating violations by slumlords and companies that file for bankruptcy or are accused of wage theft, she said....

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