IncSmart Delaware (Small Business and Startups) -
Delaware is changing LLC policies. The Delaware Secretary of State has changed it's policy on it's secretive limited liability companies. The new rule will require the state's 1.3 million business entities to be regularly compared to a federal database of terrorists and international drug traffickers. Commercial registered agents representing 50 plus business will conduct quarterly checks. The checks be for existing clients against a federal sanctions list updated by the Treasury Department's Office of Foreign Asset Control.
Commercial Registered Agents, serve as administrative liaisons between Delaware entities and the state. These new laws were recently discovered in response to a Freedom of Information Act request. If a match is made, the company is prohibited under federal law from doing business in Delaware or in any other state. Open government advocates want laws that require both the Department of State and registered agents to verify that prospective entities meet federal security mandates, including the OFAC sanctions list. Sanctions Compliance.
By IncSmart Staff Writer
Starting a Business in Delaware - Delaware Corporation - Delaware LLC
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