Two similar pieces of legislation have been introduced that would dramatically impact most privately held business entities. While the legislation is aimed to help prevent tax evasion, terrorism, money laundering and fraud, it would require business entities to provide ownership information which is not currently required by most states. The federal legislation is Senate Bill 569, the Incorporation Transparency and Law Enforcement Assistance Act (“S.569”). The state legislation is in the form of a proposed uniform act called the Uniform Law Enforcement Access to Entity Information Act (the “Uniform Act”).