Understanding The Corporate Transparency Act
If you are the owner of a business and have questions or concerns about the Corporate Transparency Act, our Montana Corporate Transparency Act lawyers can help guide you through the process and ensure that your business practices comply with the new law. The Corporate Transparency Act (CTA) was signed into law on January 1, 2021 and goes into effect on January 1, 2024. It sets new regulations on business transparency through the mandated reporting of Beneficial Ownership Information (BOI). To learn more about the Corporate Transparency Act and how it might affect your business, contact our team at Silverman Law Office, PLLC today to schedule a consultation.
Determining If The Corporate Transparency Act Affects Your Business
The CTA is targeted mainly towards small businesses. Companies that need to file are identified as domestic or foreign reporting companies. Domestic reporting companies include corporations, LLPs, and other entities created by filing under the law of a state. Foreign reporting companies include corporations, LLCs, or other entities formed under the law of a foreign country that is registered to do business in a state.
Limited liability partnerships, business trusts, and most limited partnerships are usually included under the umbrella of reporting companies. There are exceptions to these designations that include securities issuers, banks, and other entities. If you have further questions on if the CTA applies to you and your business, contact our Montana Corporate Transparency Act lawyers today.
Beneficial Owners
A beneficial owner is defined as an individual who exercises significant control over a reporting company or owns or controls at least 25% of the ownership interests of a reporting company. A reporting company must report information on all beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This information includes name, date of birth, address, and a unique identifying number such as their Social Security number, driver’s license number, or individual taxpayer identification number.
Understanding When To File
The CTA goes into effect on January 1, 2024, and reporting companies that exist on this date must file their reports within the span of one year. If your business is created after this date, you have 30 days to file after notice of registration is received. If there is a change of beneficial ownership in your business, you have 30 days to update the report. Our dedicated Montana Corporate Transparency Act lawyers will assist you with filing, ensuring that all deadlines are met and all reports are up to date.
The Importance Of Hiring Representation
While the Corporate Transparency Act may seem confusing and difficult at first, with the help of professional representation, maintaining compliance with this new law can be made easy. Our legal team can assist you in understanding how the law affects your business, identifying your beneficial owners, and filing the proper documents and reports in a correct and timely manner. We are here to answer any questions you may have about the law and ensure that your business continues to run smoothly. Reach out to our team at Silverman Law Office, PLLC today to learn more about how we can help you.
