November 30, 2022

Volume XII, Number 334

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No Change Is Not An Option For 2023 LLC Filings

In April, I wrote about AB 2431 which modifies the statement of information a statement requirement for LLCs.  In 2020, the legislature enacted AB 3075 (Gonzalez) to require that statements of information filed with the California Secretary of State disclose whether any director of the corporation or member or manager of the LLC has an outstanding final judgment issued by Department of Labor Standards Enforcement or a court of law for violation of a wage order or other violation of the Labor Code.  See California Governor Signs "Wacky" Successor Liability Bill Into Law and A "New Fine Question" For This Proxy Season.  As a result, the Secretary of State added a question regarding labor judgments to the statement of information forms and required all LLCs to file a complete statement of information.  Thus, LLCs have not been able to file a simple "no change" statement until after they have filed a complete statement of information with the disclosure mandated by AB 3075.

AB 2431 changes the mandated labor judgment disclosure.  As a result, the statement of information form will be changed again and LLCs will be required to file a complete statement of information including the new disclosure before they can file a "no change" form.  

FinCEN Should Have Heeded Polonius

Yesterday, the Financial Crimes Enforcement Network (FinCEN) issued its long-awaited  final rule requiring beneficial ownership information reporting by corporations and other business entities pursuant to the bipartisan Corporate Transparency Act.   When I printed out the rule, it weighed in at over 300 pages (double spaced).   Would that FinCEN had heeded Polonius' advice rather than his example!

© 2010-2022 Allen Matkins Leck Gamble Mallory & Natsis LLP National Law Review, Volume XII, Number 273
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About this Author

Keith Paul Bishop, Corporate Transactions Lawyer, finance securities attorney, Allen Matkins Law Firm
Partner

Keith Bishop works with privately held and publicly traded companies on federal and state corporate and securities transactions, compliance, and governance matters. He is highly-regarded for his in-depth knowledge of the distinctive corporate and regulatory requirements faced by corporations in the state of California.

While many law firms have a great deal of expertise in federal or Delaware corporate law, Keith’s specific focus on California corporate and securities law is uncommon. A former California state regulator of securities and financial institutions, Keith has decades of...

949-851-5428
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