The CorporateTransparency Act

New reporting obligations will affect nearly all small businesses in the U.S. in 2024, thanks to the Corporate Transparency Act (CTA). At its most basic, the CTA is an anti-money laundering regulation. The goal is to make it more difficult to use shell companies to hide or move illicit funds. Once implemented on January 1, 2024, most small corporations, LLCs, and limited partnerships already doing business in the U.S. will need to file a beneficial ownership report (BO Report) with the U.S. Treasury’s Financial Crimes Enforcement Network (“FinCEN”) no later than January 1, 2025.  New corporations, LLCs, and limited partnerships formed on or after January 1, 2025, will need to file their first BO Report within 30 days after formation. 

Each BO Report will need to identify every “beneficial owner” of the reporting company (including non-US citizens) and, for each one, provide a full legal name, date of birth, home address, and a unique identifying number and supporting document (such as a driver’s license or passport). Identifying every beneficial owner is a complicated process that includes determining who or which companies and then who within those companies have substantial control over the reporting company. If BO Reports are not filed or are filed incorrectly, criminal or civil penalties could be borne by the controlling individuals of the entity and the entity itself.

Our CTA Taskforce offers clients a comprehensive, methodical, high-volume approach to ensure speed, accuracy, and consistency. Additionally, we utilize patent-pending tools for data privacy and security of personal data collected. Our task force is led by one of the leading authorities on the CTA, Jonathan Wilson, the author of The Corporate Transparency Act Compliance Guide. Additionally, our team includes senior partners with decades of privacy and corporate governance experience.

About Taylor English

Taylor English Duma LLP was built from the ground up to provide highest-quality legal services for optimal value. The firm combines the best aspects of a traditional law firm with seasoned attorneys throughout the United States. Together, our attorneys work each day to provide timely, creative, and cost-effective counsel to help clients solve problems and achieve goals. Taylor English clients run the gamut from Fortune 500 companies to middle market businesses to start ups and entrepreneurs. The firm is the Georgia law firm member of GGI Global Alliance AG, the leading worldwide alliance of accounting and law firms, giving our clients access to a trusted stable of high-quality professional services organizations around the globe.

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