Delaware May Not Proceed with Federal BO Bill Appeal

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A federal bill being brought into force in the US concerns all limited liability companies based in America to reveal and record their beneficial ownership upon formation, currently delayed in the US Congress, may now be resurrected with the support of Delaware’s Secretary of State.

Last month, The Delaware State Secretary gave his recommendation officially to the Treasury Department-sponsored bill with the recommendation that practical legislation was needed to help law enforcement trace the owners of LLCs, of which the state of Delaware alone has over 1.2 million registered.