The Corporate Transparency Act

Written By Laurie Williams Law

Almost all businesses, will be subject to the Corporate Transparency Act (CTA) reporting requirement that began on January 1, 2024.

Businesses that are registered with the secretary of state, such as corporations, LLCs, and LLPs will have to file a beneficial ownership information report.

A beneficial owner(s) needs to file a report.

  • A beneficial owner is the person who exercises substantial control over the company or controls 25% or more of ownership interests of the company.

  • If there is more than one person who exercises substantial control, yes, they must file also.

The report is filed with the US Treasury’s Financial Crimes Enforcement Network (FinCEN).

All non-exempt businesses created before January 1, 2024, will have one year to file its initial reports. All reports must be filed by January 1, 2025.

  • Businesses started after January 1, 2024, have 90 days after receiving notice of the company’s official registration or creation to file its initial reports.

The report is filed through the FinCEN website: https://www.fincen.gov/boi

Laurie Williams Law
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