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.