Corporate Transparency Act

We hope this message finds you well. The Corporate Transparency Act (CTA) took effect on January 1, 2024, introducing a federal filing requirement for corporations, LLCs, and various business entities known as "reporting companies”.

Individuals forming new reporting companies must submit a Beneficial Ownership Information (BOI) report to FinCEN within 90 days of formation. For reporting companies established before 2024, owners must file a BOI report by January 1, 2025, with certain exemptions for larger operating companies.

The BOI report requires details on each "beneficial owner," including name, date of birth, address, and ID information. Beneficial owners are individuals who either (1) possess ownership or control of a minimum of 25 percent of the company or (2) exert "substantial control" over the company.

The report is filed online through the Beneficial Ownership Secure System (BOSS) without any associated fees. Law enforcement will leverage BOI data to combat crimes, and it will not be publicly accessible.

For your initial queries:

Stay tuned for more detailed articles on the CTA and BOI reporting. Feel free to reach out with further questions.