You may have heard that the Corporate Transparency Act recently took effect. This is a federal law that requires the majority of small businesses to complete a filing with the Financial Crimes Enforcement Network (a division of the U.S. Treasury Department) to disclose their “beneficial ownership”.
Companies formed before January 1, 2024 have until January 1, 2025 to complete this filing. Companies formed between January 1, 2024 and December 31, 2024 must complete this filing within 90 days after their articles are filed with the Secretary of State. Companies formed on or after January 1, 2025 will need to complete the filing within 30 days after their articles are filed with the Secretary of State.
If you have any questions, or there is anything you would like to discuss in greater detail, please contact us.