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Tue November 13, 2007
State looks to crack down on absentee businesses
By CJ Baker
Laramie, WY – Incorporating a business in Wyoming is easy, but the Secretary of State's office fears it may be too easy.
State corporate laws require little personal information and only a limited physical presence in Wyoming.
Secretary of State Max Maxfield says that has made the state fraud-friendly, allowing corporations to disguise who they are and where they are located.
"If the feds track money back to Wyoming, it stops there," Maxfield says. "There isn't enough information for them to actually track the money to the end result.
"The problem is, it's so easy that we'll have an address with maybe hundreds of businesses that are registered there, and it's nothing but a drop box."
The Wyoming legislature's Corporations Committee is meeting in Casper this week to discuss two new bills aimed at tightening up the state's corporate laws.