Ensuring Compliance With the Corporate Transparency Act
If you are a business owner with questions about ensuring compliance with the Corporate Transparency Act, our Montana Corporate Transparency Act compliance lawyers can assist you with understanding this new law. The Corporate Transparency Act (CTA) goes into effect on January 1, 2024 and carries implications for many small businesses in Montana and nationwide. The law mandates reporting of information on beneficial owners of business to the Financial Crimes Enforcement Network (FinCEN) in order to increase transparency and help prevent fraud, organized crime, and other crimes. While this may sound daunting, with the help of an experienced lawyer, understanding this new law and maintaining compliance with it can be made easy. To learn more about the Corporate Transparency Act, contact Silverman Law Office, PLLC today.
Understanding If The Corporate Transparency Act Affects Your Business
The CTA mainly affects small businesses defined as domestic or foreign reporting companies. Domestic reporting companies include corporations, LLPs, and any entity that is filed under U.S. state law. Foreign reporting companies include corporations, LLCs, and any entity that is filed under the law of a foreign country and is registered to do business in a U.S. state. There are exceptions to these designations for entities such as banks and securities issuers. Our Montana Corporate Transparency Act compliance lawyers can answer any questions you may have about if and how the CTA affects your business.
Identifying Beneficial Owners
In order to maintain compliance with the CTA, all businesses must identify and report their beneficial owners to FinCEN within a year of the law going into effect (or within 30 days if the business is registered after January 1, 2024). A beneficial owner is defined as an individual that exercises significant control over a reporting company or controls 25% or more of the ownership interests of a reporting company.
Reporting Beneficial Owners
Information on each beneficial owner must be reported to FinCEN in order to ensure complete compliance with the law. This information includes legal name, date of birth, address, and a unique identifier such as their Social Security number, driver’s license number, or individual taxpayer identification number. If there is a change in beneficial ownership to your company or a change in information regarding your beneficial owners, this report must be updated. All reports are filed at fincen.gov. Our Montana Corporate Transparency Act compliance lawyers will help you ensure that all information for every beneficial owner is collected properly and that the reports are filed correctly, in a timely manner, and updated as necessary.
The Benefits Of Obtaining Professional Assistance
The Corporate Transparency Act is a new law that will have implications for millions of business owners across Montana and the United States. Ensuring compliance with this law has serious legal implications but can be made easy and stress-free with the assistance of a knowledgeable and experienced lawyer. Our lawyers will ensure that all your beneficial owners are identified and documented and that all reports are filed in a correct and timely manner. We are here to answer any questions you may have about the CTA. If you have further questions or are prepared to attain our assistance with maintaining compliance with the CTA contact Silverman Law Office, PLLC today.
