CA SB1201

Requires domestic and foreign corporations to include names and complete business or residence addresses of beneficial owners in their annual statements of information filed with the Secretary of State, effective January 1, 2026.

Requires limited liability companies and foreign limited liability companies to include names and complete business or residence addresses of beneficial owners in their biennial statements of information filed with the Secretary of State, effective January 1, 2026.

Defines "beneficial owner" as a natural person who exercises substantial control over an entity (as defined in federal regulations) or owns 25 percent or more of the equity interest.

Authorizes the Secretary of State to increase filing fees for corporations and limited liability companies by regulation to cover reasonable costs of implementing beneficial owner disclosure requirements.

Specifies that increased fee revenues must be used to support regulatory activities and are not considered excess fees subject to transfer to the General Fund.