Alert: Corporate Transparency Act

October 8, 2024

Please see our firm’s recent Alert Regarding The Corporate Transparency Act (“CTA”). The CTA is a federal law which went into effect on January 1, 2024. The CTA is applicable to all domestic entities (including corporations, limited liability companies and limited partnerships) and foreign entities doing business in the United States (referred to in the CTA as a “Reporting Company”), unless an exemption applies. Most of our clients’ entities and most of the entities you are likely to encounter are going to be Reporting Companies and are not going to be exempt from the CTA. For each Reporting Company that is not exempt, a beneficial ownership information report will need to be filed within the applicable time lines and thereafter those reports must be kept current. The penalties for non-compliance are significant.

The Alert is a brief and general introduction to the CTA and certain key dates and concepts that you will want to keep in mind going forward.