Effective January 1, 2024, the Corporate Transparency Act (the “CTA”) imposes a new filing requirement on corporations, LLCs, and any other entity created by a filing with the Secretary of State, regardless of when the entity was formed (called “reporting company”), unless an exemption applies.  There are 23 exemptions, which include publicly traded companies meeting specified requirements, many nonprofits, and certain large operating companies.

Each reporting company must complete a Beneficial Ownership Information Report (a “BOI Report”) with the Financial Crimes Enforcement Network (“FinCEN”), part of the Department of Treasury through a secure filing system available via FinCEN’s website: Beneficial Ownership Information Reporting | FinCEN.gov.

 Through the BOI Report, reporting companies disclose certain information about the companies, their beneficial owners, and their company applicants.  Reporting companies must also provide updates when the information changes.  All information will be stored in a secure, non-public database maintained by FinCEN.

 More detailed information can be found at the following resources:

• FAQ’s: https://www.fincen.gov/boi-faqs
• Final Rule: Federal Register :: Beneficial Ownership Information Reporting Requirements

The Attorneys at Levene Gouldin & Thompson, LLP are available to provide advice and counsel concerning these new reporting obligations and other related matters.