Who owns businesses in California? A lawmaker wants the public to know

By TRÂN NGUYỄN
The Associated Press

SACRAMENTO, Calif. (AP) — A California lawmaker wants to require limited liability companies and similar businesses to report the identities of their owners to the government. Such information would be available for public view. The proposal aims to crack down on the practice of opaque ownership structures that enable some companies to operate anonymously and skirt state laws without consequence. The practice is prevalent in many industries. The bill passed a committee Wednesday. Proponents say more transparency would make it easier to hold bad actors accountable. Opponents argue that businesses soon will have to disclose such information to the federal government and say the state requirement is too costly.