Business Owners & the Corporate Transparency Act
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Navigating the New Era of Business Compliance: The Corporate Transparency Act
In the world of business, the Corporate Transparency Act brings a big change, especially for small businesses and entrepreneurs. Most existing businesses and newly formed businesses will be required to file reports with FinCEN under the Corporate Transparency Act (CTA). With new rules to follow, it’s important for business owners to understand and adjust to these changes to keep their business running smoothly and legally.
At McDonough Law Group, we understand that navigating these new requirements can be daunting for business owners already burdened with the complexities of running their operations. That’s why we’re here to help. Our team is dedicated to ensuring that you not only understand these new regulations but also that your business complies with them, safeguarding you from potential legal and financial repercussions.
Filing reports with FinCEN under the CTA will apply to almost all companies, including LLCs, corporations, and other entities (Reporting Companies) that have filed or registered with the Secretary of State with a few exceptions. Reports must include the Reporting Company’s beneficial ownership information. Beneficial owners own at least 25% or have substantial control of a Reporting Company.
Report Deadlines
- Existing Reporting Companies formed prior to January 1, 2024 have until December 31, 2024.
- Reporting Companies formed in 2024 have 90 calendar days from the date of creation or registration.
- Reporting Companies created or registered on or after January 1, 2025 have 30 calendar days.
- Reports can be filed electronically.
- Reporting Company changes must be filed within 30 days.
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