National WCOE Women Construction Owners and Executives USA

Corporate Transparency ACT Do I Need to Report Beneficial Ownership Information Under the Corporate Transparency Act?   The brief answer to this question is, not yet. The Corporate Transparency Act (“CTA”) was passed in 2021 as part of the National Defense Authorization Act. The CTA requires companies to disclose beneficial owners to the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”). The law was intended to assist law enforcement with identifying owners of certain entities in an attempt to combat crimes like terrorism, money laundering, piracy, tax evasion, and securities fraud. Most States do not require information about the beneficial owners of corporations, LLCs and other business entities when they are formed. This law is intended to fill in an information gap and make it easier for law enforcement to investigate and prosecute crimes. It is aimed at providing transparency in business ownership to law enforcement requiring identification of entities that actually own or control businesses. Reporting was to begin in 2024 but has been stayed nationwide. On December 3, 2024, a Federal District Court in Texas issued a preliminary injunction specifically stopping the enforcement of the statute and the implementation of its beneficial ownership reporting requirements. The case is Texas Top Cop Shop, Inc., et al. v. Garland, et al., No. 4:24-cv-00478 (E.D. Tex.). The decision has been appealed by the U.S. Department of Justice. Businesses that meet the definition of a “Reporting Company” may continue to voluntarily submit the information required under the CTA. This law requires disclosures by “Reporting Companies.” This is a specific defined term and means “any corporation or other legal entity formed under U.S. law, and any foreign legal entity registered to conduct business in the U.S., by filing a document with a state or tribal government office.” It therefore applies to many companies-both foreign and domestic. There are 23 types of exempt entities, including Large Operating Companies, inactive businesses, entities subject to significant government regulations like banks, governmental authorities, etc., and subsidiaries of exempt organizations.Penalties for failing to report or falsely reporting include civil fines of $500/day up to $10,000 and a criminal penalty of up to 2 years in prison.   The information required to be reported includes identification of the beneficial owners.  For each beneficial owner and company applicant, the Reporting Company is required to report their name, date of birth, address, unique ID number (e.g., passport, driver’s license, state ID, foreign ID(for foreign individuals with no U.S. identification)), and an image of the ID document containing such ID number.

Women Construction Owners and Executives, USA (WCOE) is a national association representing women owners and executives in the construction industry. Women business owners have historically been and continue to be disadvantaged in their ability to obtain contracts, capital, bonding, and access to market opportunities. This is especially true in non-traditional fields such as construction. WCOE advocates for laws and regulations that will create a level playing field for all women in the construction industry. Read the WCOE Position Paper!

The contributions of women in construction are invaluable. Let's ensure their voices are heard and their work is recognized. By supporting women-owned businesses, we contribute to a more equitable and prosperous industry for all. #EqualityInConstruction #SupportWomen #IndustryLeaders

As we look to the future, the role of women in construction continues to expand. Women-owned businesses are not just participating but leading the way in sustainable building practices and innovative design. Let's champion their efforts for a greener tomorrow. #SustainableConstruction #Innovation #WomenLead

Today, we highlight the importance of mentorship for women in construction. Many successful women business owners credit mentorship as a key factor in their growth. Let's foster a community where guidance and support are readily available. #MentorshipMatters #WomenSupportingWomen #ConstructionMentors

Let's talk about the challenges and triumphs of women in construction. Despite facing numerous obstacles, women-owned businesses are thriving and proving their resilience. Their stories inspire others to pursue their dreams in this dynamic field. #Resilience #WomenOwned #ConstructionSuccess

As we move into December, let's continue to uplift woman-owned construction companies. Their leadership and innovation are vital to the progress of the construction industry. Stand with us in supporting these trailblazers who are creating a brighter future. #DecemberGoals #WomenTrailblazers #ConstructionLeadership #SupportWomen

#submitasupportive #comment #smallbusiness

On this Thanksgiving Day, we express our deep gratitude to the woman-owned construction companies that are building a better future for us all. Their determination and passion are truly inspiring. Thank you for your hard work and dedication. #Thanksgiving #Gratitude #WomenInConstruction #BuildingTheFuture

Gobble 'til you wobble, friends! 🦃🍂 Ready for a day filled with delicious food, family, and football. What are you most thankful for this year? We are feeling extra grateful for all of you! 🙏 Happy Thanksgiving! 😄 #Thankful #HappyThanksgiving