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> beneficial ownership registration was a massive privacy invasion A corporation is a legal entity granted by a state for the express purpose of generating com

> beneficial ownership registration was a massive privacy invasion A corporation is a legal entity granted by a state for the express purpose of generating commerce and benefiting society. The idea that you have a right a corporation and responsibilities for its fiduciary government but not have to report its controlling interests is silly. And yes, it probably matters. Cartels are buying guns and cars and paying thugs in US dollars that they get out of the US. Even if you force them to use exclusively cash, it becomes a lot harder to move that much cash across the border without detection.

JumpCrisscross 2y ago
> corporation is a legal entity granted by a state for the express purpose of generating commerce and benefiting society This is an off-piste philosophical take. It overwrites a corporation’s management’s fiduciary duty to its owners with one closer to a charity’s.
- legitster 2y ago
  Sure it's a bit philosophical, but so is the idea of an owner's right to privacy. I don't deny a corporation's fiduciary duty to its owners. But the state issuing the corporation isn't bound to the same duty when establishing the legal terms of corporations.
  - JumpCrisscross 2y ago
    > the state issuing the corporation isn't bound to the same duty when establishing the legal terms of corporations The states forming corporations aren’t the ones requiring BOI.
    - legitster 2y ago
      Sorry, by "state" here I mean the federal government. The definition and tax status of corporations, LLCs, etc already lie with the Treasury department. My point is that these definitions and requirements do not come from some sort of divine law. A government can always amend the terms of incorporating and it would still be completely within the function of modern capitalism, just as different governments around the world offer different terms when incorporating.
      - JumpCrisscross 2y ago
        > definition and tax status of corporations, LLCs, etc already lie with the Treasury department For tax purposes, yes. For almost everything else, no. State law controls.

JumpCrisscross 2y ago

> corporation is a legal entity granted by a state for the express purpose of generating commerce and benefiting society This is an off-piste philosophical take. It overwrites a corporation’s management’s fiduciary duty to its owners with one closer to a charity’s.

legitster 2y ago
Sure it's a bit philosophical, but so is the idea of an owner's right to privacy. I don't deny a corporation's fiduciary duty to its owners. But the state issuing the corporation isn't bound to the same duty when establishing the legal terms of corporations.
- JumpCrisscross 2y ago
  > the state issuing the corporation isn't bound to the same duty when establishing the legal terms of corporations The states forming corporations aren’t the ones requiring BOI.
  - legitster 2y ago
    Sorry, by "state" here I mean the federal government. The definition and tax status of corporations, LLCs, etc already lie with the Treasury department. My point is that these definitions and requirements do not come from some sort of divine law. A government can always amend the terms of incorporating and it would still be completely within the function of modern capitalism, just as different governments around the world offer different terms when incorporating.
    - JumpCrisscross 2y ago
      > definition and tax status of corporations, LLCs, etc already lie with the Treasury department For tax purposes, yes. For almost everything else, no. State law controls.