3 ms·

This is such a massive invasion of privacy. The government is completely (and perhaps willingly) incompetent to keep this information confidential.

worik 3y ago
> The government is completely (and perhaps willingly) incompetent to keep this information confidential. Yes It should be public
- jmvoodoo 3y ago
  There are very valid reasons to use an LLC to keep your identity private. Many business owners use anonymous LLCs to avoid harassment, or from members of their community learning what they do, or how well off they might be. There's nothing wrong with that, and doing away with it would harm a lot of innocent people.
- Pxtl 3y ago
  I'd say name and a surrogate ID key so you can see which individuals own multiple related businesses that create a conflict of interest and who youd want to avoid working with. Not driver's license and address. That should be private.
- deleted 3y ago
  [deleted]
nullc 3y ago
Shortly after this passed it turned out that propublica ended up in the possession of what appears to be the detailed tax records of every American. And this happened even though there are substantial criminal consequences attached to the disclosure of misuse of tax records. In the case of this Beneficial Ownership information there are no such assurances, even though the much stronger ones for tax records turned out to be woefully inadequate.
patmorgan23 3y ago
The corporate form is a privilege, not a right. Capital does not have the right to remain anonymous.
- ensignavenger 3y ago
  People should have the right to go about their business without having it tracked in a government database. It is no different than any other aspect of personal privacy as enshrined in the 4th Amendment. Deputizing corporations, banks, and other private entities to collect this data on behalf of the government does not make it any less a violation of 4th Amendment rights.
  - mperham 3y ago
    No one’s stopping you from doing business. They are stopping you from using an anonymous LLC to hide assets. That’s not personal privacy.
- deleted 3y ago
  [deleted]

worik 3y ago

> The government is completely (and perhaps willingly) incompetent to keep this information confidential. Yes It should be public

jmvoodoo 3y ago
There are very valid reasons to use an LLC to keep your identity private. Many business owners use anonymous LLCs to avoid harassment, or from members of their community learning what they do, or how well off they might be. There's nothing wrong with that, and doing away with it would harm a lot of innocent people.
Pxtl 3y ago
I'd say name and a surrogate ID key so you can see which individuals own multiple related businesses that create a conflict of interest and who youd want to avoid working with. Not driver's license and address. That should be private.
deleted 3y ago
[deleted]

nullc 3y ago

Shortly after this passed it turned out that propublica ended up in the possession of what appears to be the detailed tax records of every American. And this happened even though there are substantial criminal consequences attached to the disclosure of misuse of tax records. In the case of this Beneficial Ownership information there are no such assurances, even though the much stronger ones for tax records turned out to be woefully inadequate.

patmorgan23 3y ago

The corporate form is a privilege, not a right. Capital does not have the right to remain anonymous.

ensignavenger 3y ago
People should have the right to go about their business without having it tracked in a government database. It is no different than any other aspect of personal privacy as enshrined in the 4th Amendment. Deputizing corporations, banks, and other private entities to collect this data on behalf of the government does not make it any less a violation of 4th Amendment rights.
- mperham 3y ago
  No one’s stopping you from doing business. They are stopping you from using an anonymous LLC to hide assets. That’s not personal privacy.
deleted 3y ago
[deleted]