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In 2021, the Corporate Transparency Act (CTA) was created, requiring US companies and foreign companies that deal within the US to report their beneficial owners. This mandate became effective on January 1, 2024, and impacts most businesses in the US.
There has been a lot of talk about the CTA, and many people are concerned about how it will affect them and their company. There are deadlines and penalties for not complying that have people nervous. Not to worry, our Arizona business attorneys are here to help you navigate everything there is to know about the CTA.
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Until the Corporate Transparency Act was implemented, LLCs, corporations, and other entities were not required to report any of their beneficial owners. This led to criminals being able to use the businesses for money laundering, tax fraud, terrorist financing, and other illegal activities. The CTA aims to combat this.
Through the CTA, businesses or “reporting companies” will be required to send in their beneficial owner information to the Financial Crimes Enforcement Network (FinCEN). FinCEN will use this information as the main database of individuals involved in US businesses, limiting the ability to do criminal activity secretly behind an LLC or corporation.
People commonly ask our Arizona business attorneys if their company will be affected. With roughly 32 million business entities affected by the CTA in the US, likely, nearly all small businesses, startups, LLCs, corporations, and other entities will likely have to report.
Companies that must report their beneficial ownership information will include any entity that filed with the Secretary of State, Tribal office, or similar office, including foreign companies. They are referred to as “reporting companies.” There are 23 exemptions, but they mainly pertain to entities that are already highly regulated, such as investment companies, accounting firms, public utilities, etc.
Company applicants are individuals who helped your company register with the Secretary of State or a similar office. Examples of company applicants could be your attorney or accountant. Not every business must report company applicants, but if so, those applicants will report the same information required of beneficial owners.
Your company is required to report company applicants, depending on when it became an entity. For companies registered before January 1, 2024, company applicants are not required. For companies that registered on January 1, 2024, and after, they will be required to report their company applicants along with the beneficial owners.
Reporting companies must report a series of information. First, they are required to send FinCEN identifying information about their company including legal name, address, “doing business as” names, the jurisdiction where they were formed, and taxpayer identification numbers.
The information required of beneficial owners and company applicants is legal name, address, date of birth, and a copy of an ID such as a passport, driver’s license, or other identification card. Arizona business attorneys note that if any information about beneficial owners or company applicants changes, the information must be updated within a specific timeframe.
There are strict deadlines for sending in the initial beneficial owner information to FinCEN, but the good news is they take into account when businesses were created:
The penalties for willfully not reporting or for willfully reporting inaccurate information are severe. They include up to $500 for each day the report is willfully not sent or corrected, potentially up to $10,000 in fines and/or two years in prison.
Companies must become aware of the requirements of the CTA and take action. Arizona business attorneys are ready and waiting to help companies like yours navigate the CTA to avoid these penalties and help companies promote transparency in their business practices.
The CTA requires every business to report its beneficial owners, along with the beneficial owners’ information. The first question is, how is a beneficial owner defined? According to FinCEN, a beneficial owner falls into one of two categories:
“Substantial control” can be ambiguous, so FinCEN adds more clarity by suggesting who could be a beneficial owner:
Navigating the complexities of the CTA is essential for businesses, and our team of knowledgeable Arizona business attorneys at Denton Peterson Dunn is ready to assist you every step of the way. With a deep understanding of the CTA’s provisions, we provide expert guidance to ensure your business complies with the new regulations.
Contact us today and let our experienced team guide you through the CTA, protecting your business’s compliance and integrity.
Ensure your corporation, LLC, or legal entity adheres to CTA rules and guidelines with the help of our experienced business law firm. We provide comprehensive guidance to navigate the complexities of beneficial ownership reporting.
Safeguard your business from legal risks associated with the Corporate Transparency Act (CTA) with proactive measures. Our team provides strategic guidance and legal expertise to help navigate the complexities of CTA compliance, minimizing potential liabilities and protecting your business interests.
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Understand your company’s obligations under the Corporate Transparency Act with clarity. Our attorneys provide expert guidance to determine whether your business needs to submit BOI reports to the US Department of the Treasury. Stay compliant and avoid potential penalties with our comprehensive legal assistance.
Identify and understand your company’s beneficial owner with precision. Our comprehensive guidance empowers you to navigate the complexities of determining beneficial ownership effectively. Our experienced attorneys provide tailored solutions to ensure accurate identification, enabling your company to meet regulatory requirements confidently.
Discover the criteria for identifying company applicants and ascertain your reporting obligations under the Corporate Transparency Act. Our comprehensive guide provides clarity on these crucial aspects, ensuring compliance and minimizing legal risks for your business.
Ensure accurate and comprehensive reporting by understanding the key details required under the Corporate Transparency Act. Our guide outlines essential information your company must include in its reports, helping you fulfill regulatory obligations with confidence and precision.
Learn the crucial deadlines and procedures for submitting your company’s initial Beneficial Ownership Information Report with confidence. Our comprehensive guide provides clear instructions and timelines, ensuring timely and accurate compliance with reporting requirements under the Corporate Transparency Act.
Understand the serious implications of failing to file your company’s Beneficial Ownership Information Report under the Corporate Transparency Act. Our guide outlines potential penalties and legal consequences, empowering you to prioritize compliance and avoid costly repercussions.
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