California Senate Passes Beneficial Ownership Disclosure Bill

Corporations and limited liability companies would have to reveal their beneficial owners in a publicly available database under a bill passed by the California Senate.

The bill (S.B. 1201) by Sen. Maria Elena Durazo (D) would apply to foreign and domestic companies and LLCs starting Jan. 1, 2026. It passed 23-10 late Tuesday and now moves to the Assembly, where it must pass by Aug. 31 to reach Gov. Gavin Newsom (D). He hasn’t taken a position on the bill.

Under the bill, California would go further than the federal Corporate Transparency Act, which requires ...