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November 3, 2023
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less than a minute
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Corporate Transparency Act Imposes Significant New Beneficial Ownership Reporting Requirements on Business Entities

The Corporate Transparency Act (CTA) goes into effect January 1, 2024.  Under this statute, “reporting companies” will need to submit beneficial ownership information to the Financial Crimes and Enforcement Network (FinCEN) of the U.S. Treasury Department.  

With limited exceptions, “reporting companies” are entities formed or registered to do business by the filing of a document with a secretary of state or similar office.  This includes corporations and limited liability companies, among other entities.  Entities formed prior to January 1, 2024, will have one year from that date to comply, while entities formed after that date will have to comply shortly after formation.  Thompson Coburn’s team stands ready to help with your compliance questions.

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