Corporate Transparency Act

The Corporate Transparency Act, which took effect January 1st, 2024, mandates most corporations, limited liability companies (LLCs) and co-ops to disclose beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).

Under the Corporate Transparency Act, qualifying companies must submit comprehensive beneficial ownership details, including the names, addresses, birthdates, and passport or driver's license numbers of their beneficial owners, to FinCEN. Additionally, any changes in beneficial ownership information must be promptly reported. There is no fee for submitting a filing.

A reporting company created or registered to do business before January 1, 2024, will have until January 1, 2025 to file its initial beneficial ownership information (BOI) report. Reporting companies created or registered on or after January 1, 2025, will have 30 calendar days from actual or public notice that the company’s creation or registration is effective to file their initial BOI reports with FinCEN.