Another Sarbanes-Oxley: Threatening Small Businesses with the "Beneficial" Ownership Bill

Another Sarbanes-Oxley: Threatening Small Businesses with the "Beneficial" Ownership Bill:

Abstract: At a time when the American economy can least afford it, entrepreneurs and small-business owners are under siege. The Incorporation Transparency and Law Enforcement Assistance Act (ITLEAA)--currently under consideration in Congress--would subject small businesses to a series of complicated and burdensome reporting requirements. These new requirements are reminiscent to those imposed by Sarbanes-Oxley, and would have similarly negative consequences: increased costs and reductions in business activity and job creation. Furthermore, the ITLEAA would do little to actually reduce the use of LLC forms for criminal activity--the purported goal of the legislation."