FILE - State Sen. Maria Elena Durazo, D-Los Angeles, addresses a gathering in Sacramento, Calif., May 20, 2019. This year, Durazo, has introduced a bill to require business owners and landlords to disclose their identities under legislation aimed at cracking down on opaque ownership structures that have enabled some companies to skirt state laws without facing consequences.
“Some owners can abuse LLC to shield not only their assets but also their identities,” Durazo said at a hearing Wednesday. “This is a good governance bill.” The legislation faces fierce opposition from a number of business groups including those that represent landlords. They argue that LLCs must already share lots of information with the government and note that they will be required to disclose ownership to a branch of the U.S. Treasury Department by 2025.
The practice of operating business anonymously is prevalent in many California industries, proponents of the bill said. In Oakland, after city officials condemned a dilapidated building rented out to low-income immigrant families, the city attorney's office spent more than a year investigating and combing through hundreds of city code enforcement records to find the owners of the building, said Suzie Dershowitz, who worked on the case at the time.
were successful in shielding their identities in a secretive $800 million land-buying spree in rural Northern California, despite years of local scrutiny.
Business
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nearly half of California high school graduates don’t qualify to apply to a California universityPublic high schools in California offer mixed results in prepping kids for the next level. Some say it’s unfair. Others say college isn’t for everyone.
Source: OakTribNews - 🏆 597. / 51 Read more »
State Farm to Discontinue Coverage for 72,000 California Home Insurance PoliciesCalifornia's insurance commissioner Ricardo Lara spoke out after the state's largest home insurance provider announced that it would discontinue coverage for tens of thousands of policies this summer. State Farm announced on March 20 that it would cut 72,000 home and apartment policies in California because of inflation, regulatory costs and increasing risks from catastrophes. The decision is a blow to California property owners, who already suffer under high insurance rates or scarce policy coverage. Commissioner Lara expressed concern and plans to investigate State Farm's finances, while also warning against excessive regulation that could drive companies out of California.
Source: FoxBusiness - 🏆 458. / 53 Read more »
Chevron agrees to pay more than $13 million in fines for California oil spillsChevron has agreed to pay more than $13 million in fines for dozens of past oil spills in California. The California-based energy giant agreed to pay the California Department of Conservation a $5.6 million fine associated with a 2019 oil spill in Kern County. The company also agreed to pay the California Department of Fish and Wildlife a $7.
Source: AP - 🏆 728. / 51 Read more »
California wants to pay doctors more money to see Medicaid patientsCalifornia wants to pay doctors more money to convince them to see more Medicaid patients
Source: sdut - 🏆 5. / 95 Read more »
California wants to pay doctors more money to see Medicaid patientsCalifornia wants to pay doctors more money to convince them to see more Medicaid patients.
Source: wjxt4 - 🏆 246. / 63 Read more »
California wants to pay doctors more money to see Medicaid patientsCalifornia wants to pay doctors more money to convince them to see more Medicaid patients.
Source: KPRC2 - 🏆 80. / 68 Read more »