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Wyoming Secretary of State Opinion Letter re: Business Fraud

July 14, 2011

The Wyoming Secretary of State, Max Maxfield, recently released an opinion letter, entitled “Business Friendly vs. Fraud Friendly: Protecting the Balance.”  It was published in response to the Reuters Article published on June 28th, 2011 and the various follow-up interviews and comments.  He does an excellent job describing Wyoming’s recently passed Registered Agent Act, and points out that it actually addresses many of the concerns raised by Reuters.  Mr. Maxfield also gives a great summary of many of the issues and concerns, not only with the problem of fraudulent business, but also with many of the proposed solutions.  It is important to remember, in developing solutions to business fraud and misuse of shell companies, that we do not throw out the baby with the bath water.  There are many honest, legitimate businesses that would be caught up in an attempt to over-regulate business incorporation.

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