Small Business Owners Support Legislation Requiring Transparency in Business Formation

This report was originally published by Small Business Majority.

Under current law, business owners are not required to list their identity when they establish a business, which has encouraged some to establish anonymous shell companies to engage in illicit behavior. However, Congress is currently considering bipartisan legislation that would require businesses to list the true identity of their owners when forming to address issues of fraud and abuse. The legislation provides that owners’ names would be kept private and would only be made available to law enforcement with a proper subpoena or summons. Some have argued that this increased transparency could boost accountability and confidence in the system, while others have raised concerns that it could hinder business formation. Now, new scientific opinion polling shows small business owners decidedly support this legislation.

The survey, conducted by Chesapeake Beach Consulting for Small Business Majority, revealed that 77% of small business owners agree Congress should pass legislation that would require businesses to list the true identity of their owners when forming, with roughly half (49%) in strong agreement. The poll was an online survey of 500 small business owners nationwide conducted between March 5 and 11, 2018.

Continue reading: the full report can be found here.

This report was originally published by Small Business Majority.