An Act to ensure LLC transparency

This bill requires limited liability companies in Massachusetts to disclose the identities of their beneficial owners to the state secretary. It defines a beneficial owner as anyone who holds a membership interest, exercises substantial control, or has been assigned an interest, while explicitly excluding employees, nominees, and minors. The law mandates that LLCs update their official records whenever beneficial ownership changes and must provide detailed information about any intermediaries linking owners to the company. Additionally, the bill extends these transparency rules to foreign LLCs registering in the state, requiring them to file corrected applications within 30 days if ownership details change.