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Bill

LC 2716

Revise corporate transparency laws

2025 Regular Session

LC 2716 aimed to revise corporate transparency laws affecting corporations and partnerships; died in process, so no changes enacted.

(LC) Draft Died in Process
#professionsandoccupationsgenerally #corporations
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WeVote Research Nonpartisan
Bill Summary · LC 2716

Summary: LC 2716 — Revise corporate transparency laws

Overview

  • Bill number: LC 2716
  • Title: Revise corporate transparency laws
  • Subject: Corporations/Partnerships/Associations; Professions and Occupations Generally
  • Classification: bill
  • Status: Draft; Died in Process (per record)
  • Introduced: December 11, 2024

The bill’s title indicates an aim to revise the state’s corporate transparency framework. The available record does not include the bill text or specific provisions, so the exact changes proposed are not detailed here.

Status and Timeline

  • Dec 11, 2024: Drafter Assigned; Draft On Hold
  • May 27, 2025: (LC) Draft Died in Process
  • Implication: The bill did not advance through the legislative process and was not enacted. The legislative record shows no further action beyond its initial drafting and subsequent demise.

What the bill would address (provisions not specified in the record)

Because the text is not provided, the precise amendments are unknown. Based on the title and common practice for corporate transparency reforms, potential areas such legislation might cover (for context, not a claim about this bill’s content) include:
- Definitions of “beneficial owner” and which entities must disclose ownership information
- Requirements for disclosure of beneficial ownership to a state registry or fiscal authority
- Filing timelines, updates, and deadlines for changes in ownership
- Exemptions for certain entity types (e.g., publicly traded companies, some professional firms, non-profits)
- Penalties for noncompliance and enforcement mechanisms
- Privacy protections, data access controls, and data security
- Effective dates and transition provisions

Note: The above are typical topics in corporate transparency reforms and are not stated as the actual provisions of LC 2716.

Potential impact and who would be affected

  • Affected entities: Corporations, partnerships, associations, and possibly professionals/occupations that operate under corporate forms or related governance structures.
  • Compliance implications: If enacted, entities may face new or revised requirements to report ownership information, maintain up-to-date records, and comply with enforcement and penalties.
  • Policy goals (inferred): Enhancing transparency in ownership structures, supporting anti-money laundering and anti-corruption efforts, and aligning with best practices in corporate governance.

Procedural notes and what’s next

  • With the bill recorded as “Died in Process,” there is no enacted change at this time.
  • For those tracking this topic or seeking detailed provisions, monitor the legislative portal for the full text, fiscal notes, committee reports, and any potential reintroduction in future sessions.

If you’d like, I can format a follow-up once the full text becomes available or track related bills with similar transparency reforms.

Compiled from official sources — confirm details with the bill’s official record.

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