Enacted in 2021, the Corporate Transparency Act is an anti-money laundering law designed to create a national database for all individuals who (directly or indirectly) own a substantial interest in – or hold significant control over – certain legal entities. The database is controlled by the Treasury's Financial Crimes Enforcement Network (FinCEN). Beginning January 1, 2024, corporations, limited liability companies, and other legal entities created by filing a document with the Secretary of State (or other similar offices) under State law are required to comply with these new reporting requirements. Entities created or registered before January 1, 2024, must file all reporting information by January 1, 2025. For entities created on or after January 1, 2024, reporting requirements must be completed within thirty (30) days of receiving confirmation of registration with its applicable state office. Additionally, all entities will have thirty (30) days to report any changes to the reported information, starting from when the relevant information changed.
(a comma-separated list)