DC Council approves bill to unmask individuals behind all LLCs

The D.C. Council unanimously approved a bill that requires major disclosures from individuals with ownership interests in any limited liability corporation in the District, a move expected to create sweeping implications for the business community.

The bill requires any individual with at least a 10 percent interest or authority to make financial or day-to-day decisions to be disclosed on LLC business filings.

LLCs in the District are currently required to only provide information about the registered agent, who does not necessarily have to have an ownership stake.

The LLC bill was one of several provisions in an omnibus bill to reform the D.C. Department of Consumer and Regulatory Affairs, an agency that’s faced considerable upheaval and leadership turnover.

Other provisions in the Department of Consumer and Regulatory Affairs Omnibus Amendment Act of 2018 call for changes at DCRA, including a new notification requirement for property owners who have successfully fixed violations.…

Read the full story from the Washington Business Journal.

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