New Business Reporting Requirements: Is Your Company Affected? Confused about the Corporate Transparency Act (CTA) and its impact on your business? Many businesses, including small ones, may need to report information about their beneficial owners under the new CTA. This helps fight financial crimes like money laundering. Don't get caught off guard! Here's a quick breakdown: Who needs to report? Corporations, LLCs, and similar entities registered in the US (including some foreign entities). Exemptions apply to nonprofits, government units, and some large operating companies. What info needs to be reported? Legal name, address, owners with at least 25% ownership or substantial control, and company formation details. When to report? Existing businesses have until Jan 1, 2025 to file. New businesses have 30 days from registration. Updates or corrections need to be filed within 30 days. Read more for a deeper dive! ➡️ https://lnkd.in/gVBbkPJs Need help? We recommend consulting an attorney to ensure compliance. Don't wait! Get informed and avoid penalties. #BOI #CorporateTransparency #BusinessCompliance
