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Wyoming Proposed Legislation

Date: 11/27/2007 | Category: Business | Author: developers

The State of Wyoming is about to introduce one of the more interesting bills. The Secretary of State has proposed HB 25 as a solution to Federal concerns regarding the use of business entities. The bill would, if passed, require the registered agent for service of process to maintain a list of Officers and Directors of Domestic For-Profit Corporations until the first periodic report is filed with the Secretary of State’s office. The bill further proposes that the registered agent for service of process maintain a list, updated within 60 days of a change, of all members and managers of a Domestic Limited Liability Company. In Wyoming, because a Domestic Limited Liability Company is not required to disclose this information, the registered agent for service of process must maintain the information regarding members and managers indefinitely.

Upon request from the Secretary of State, this beneficial ownership information must then be produced. “The Secretary of State may release any such confidential information only pursuant to court ordered subpoena or to a bona fide law enforcement agency for use in a criminal investigation.”

The release of the information by the Secretary of State to a law enforcement agency does not seem to require a subpoena.