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> Under this bill, if you pay a registered agent to form an LLC you control, your name is recorded. Okay I misread that in the law review documents. So anyone

> Under this bill, if you pay a registered agent to form an LLC you control, your name is recorded. Okay I misread that in the law review documents. So anyone acting on behalf of the beneficial owner is not reported, but the beneficial owner still is. This is in line with some other countries that are vying for respect by reforming. I don't mind it being on-file privately with the government, and this bill doesn't change anything with publicly perusable databases, nor create a new one.

JumpCrisscross 6y ago
> this bill doesn't change anything with publicly perusable databases, nor create a new one Correct. I have seen arguments for such databases, and might support it in limited cases (e.g. for public officials). But I think, personally, beneficial ownership information should be afforded privacy similar to tax returns.
- vmception 6y ago
  In what part of the formation process do you feel this report is to be made? Let's say if I walked to the secretary of state in Wyoming and paid them cash to form a new entity, where is the Treasury report supposed to be done? Is there a notification somewhere? Does the Federal Government even have a way of knowing when a new entity is created in all of the incorporated states and other semi-autonomous regions? Not all the states have free public databases. Is this bill going to sanction the states until they give information automatically about newly formed and existing entities? Does this apply to indigenous protectorates? Navajo nation has incorporation statutes, and literally any of other the 560+ tribes could as well.
- xg15 6y ago
  > But I think, personally, beneficial ownership information should be afforded privacy similar to tax returns. Out of curiosity, could you explain why? What would be the risks if this information were publicly available?
  - chii 6y ago
    That your friends/neighbours/family members could snoop at your finances. This can fracture relationships. It's the same reason why i would want my medical data to be private, but available to relevant gov't agencies for public health reasons.
- CRConrad 6y ago
  > But I think, personally, beneficial ownership information should be afforded privacy similar to tax returns. I agree. Not only similar, but exactly the same. Only I'm Swedish.

JumpCrisscross 6y ago

> this bill doesn't change anything with publicly perusable databases, nor create a new one Correct. I have seen arguments for such databases, and might support it in limited cases (e.g. for public officials). But I think, personally, beneficial ownership information should be afforded privacy similar to tax returns.

vmception 6y ago
In what part of the formation process do you feel this report is to be made? Let's say if I walked to the secretary of state in Wyoming and paid them cash to form a new entity, where is the Treasury report supposed to be done? Is there a notification somewhere? Does the Federal Government even have a way of knowing when a new entity is created in all of the incorporated states and other semi-autonomous regions? Not all the states have free public databases. Is this bill going to sanction the states until they give information automatically about newly formed and existing entities? Does this apply to indigenous protectorates? Navajo nation has incorporation statutes, and literally any of other the 560+ tribes could as well.
xg15 6y ago
> But I think, personally, beneficial ownership information should be afforded privacy similar to tax returns. Out of curiosity, could you explain why? What would be the risks if this information were publicly available?
- chii 6y ago
  That your friends/neighbours/family members could snoop at your finances. This can fracture relationships. It's the same reason why i would want my medical data to be private, but available to relevant gov't agencies for public health reasons.
CRConrad 6y ago
> But I think, personally, beneficial ownership information should be afforded privacy similar to tax returns. I agree. Not only similar, but exactly the same. Only I'm Swedish.