The Federal Corporate Transparency Act (CTA) applies to corporations, LLCs, and other business entities. The CTA requires that each Company and those individuals who own 25% or more of the Company provide identifying information via the Financial Crimes Enforcement Network (FinCEN) website.

The required information includes all trade names, names and dates of birth of individuals, actual physical locations of businesses and residences (not P.O. boxes or agent's addresses), unique identifying information (e.g., business tax IDs and persons' passport or driver license numbers), and images of individuals' current identifying documents.

A Company formed on or before December 31, 2023 may file their first Beneficial Owners Information (BOI) report at any time in 2024. We urge you not to wait until the end of the year to file as unforeseen complications could cause delays that may incur civil or criminal penalties. The filing process is not time consuming, but it is mandatory.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.