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December 29, 2023
Corporate Transparency Act Effective January 1, 2024

The Corporate Transparency Act (the “CTA”) goes into effect on January 1, 2024. The CTA requires that all business entities formed on or after January 1, 2024, that are not exempt from the CTA’s reporting requirements, must file a required notice with the Financial Crimes Enforcement Network (“FinCEN”) within 90 days of formation. All non-exempt business entities formed prior to January 1, 2024, must file the required notice by January 1, 2025.

The notice requires disclosure of certain personal information pertaining to (1) individuals who exercise substantial control over the company and (2) individuals who own at least 25% of the company. The notice also requires disclosure of certain personal information pertaining to individuals who filed the company’s formation documents. Once the required notice has been filed, any changes to the information in the notice must be reported to FinCEN within 30 days of such change.

Best & Flanagan can assist you in determining whether a filing with FinCEN is necessary for your business and in making the required filing, if any. Please contact us with any questions or if you require any assistance regarding the CTA.

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