Compyling with The Corporate Transparency Act

The Corporate Transparency Act (CTA) became effective on January 1, 2024. Unless covered by one of the 23 exemptions, the CTA requires corporations, limited liability companies, and other entities to (i) report specific beneficial ownership and control information, (ii) disclose information about who created the entity or registered it to do business in the US, and (iii) report any change to previously reported information to the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Failure to submit these reports within a specified time period can result in significant civil and criminal penalties

Join Practical Law and Seyfarth Shaw for an overview of CTA need-to-knows, including:

• Which entities are reporting companies?

• When must a report be filed?

• Who is a beneficial owner?

• What Beneficial Owner Information (BOI) must be reported?

• Which entities are exempt from the reporting requirements of the CTA?

• Does an exempt entity need to file a report to demonstrate its exempt status?

• The ABCs of complying with the CTA, including guidance on working through the FinCEN website.