Jan 18, 2024
As explained in a FinCEN release, the bipartisan Corporate Transparency Act, enacted in 2021 to curb illicit finance, requires many companies doing business in the United States to report information about the individuals who ultimately own or control them.
Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines:
Beneficial ownership information reporting is not an annual requirement, explains FinCEN. A report only needs to be submitted once, unless the filer needs to update or correct information. Generally, reporting companies must provide four pieces of information about each beneficial owner:
Key information to provide
The company must also submit certain information about itself, such as its names and address. In addition, reporting companies created on or after January 1, 2024, are required to submit information about the individuals who formed the company (“company applicants”).
Note that this article is just a summary. The provisions are complex and you probably want to get advice from a qualified professional. More details are available on FinCEN website.
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