An Act to ensure LLC transparency
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill, An Act to ensure LLC transparency, aims to increase transparency regarding limited liability companies (LLCs) operating in Massachusetts. It requires LLCs to disclose information about their registered agents and managers, promoting accountability and potentially aiding in identifying and addressing illegal activities. The bill’s goal is to provide greater visibility into LLC operations for regulators and the public.
Key provisions
- Requires LLCs to register their registered agent and manager with the Secretary of the Commonwealth.
- Mandates that LLCs provide updated contact information for their registered agent and manager.
- Specifies penalties for failure to comply with registration requirements.
- Allows for increased scrutiny of LLC activities by state authorities.
- Addresses potential issues related to shell companies and financial crimes.
Who is affected
- Limited Liability Companies (LLCs)
- Registered Agents
- Managers of LLCs
- Massachusetts Residents
- State Regulators
Notable changes
- Currently, the identification of registered agents and managers for LLCs in Massachusetts may not be consistently maintained or readily accessible.
- This bill introduces a formal registration process to improve accountability.
Bill text
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Sponsors
Official sponsors from legislative records.
3 on record
Primary sponsor
Cosponsors
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