Plain English Breakdown
The candidate explanation included claims about owner addresses and specific types of exemptions that were not supported by the official source material.
Changes to Registered Agents' Duties
The bill modifies the duties of registered agents for corporations, partnerships, and associations by requiring them to keep a list of all owners' names.
What This Bill Does
- Adds new requirements for registered agents to maintain information about entity owners.
- Requires registered agents to have up-to-date owner details at their office within 60 days of any change.
- Specifies exceptions where the requirement does not apply, such as entities with over 100 owners or those that operate from a fixed location in Wyoming.
Who It Names or Affects
- Registered agents for corporations, partnerships, and associations
Terms To Know
- registered agent
- A person or company designated to receive legal documents on behalf of a business entity.
- entity owners
- People who own shares, partnerships, or other interests in a corporation, partnership, or association.
Limits and Unknowns
- The bill does not specify penalties for non-compliance.
- It is currently inactive and may no longer be moving forward in the current session.
- Details on how this information will be verified are not provided.