Article #2

Important Update

Corporate Transparency Act Compliance Requirements for 2024


Operating as a Corporation or LLC with fewer than 20 employees, we want to ensure you're aware of critical updates regarding the Corporate Transparency Act (CTA) and its direct implications for your business.

Effective January 1, 2024, the Corporate Transparency Act mandates the submission of Beneficial Ownership Information (BOI) for certain business entities. While there are 23 exempt industries listed below, it's essential to note that this mandate particularly applies to small Corporations and LLCs with under 20 employees:

  1. Securities reporting issuer
  2. Governmental authority
  3. Banks
  4. Credit Unions
  5. Depository institutions holding company
  6. Money Services businesses
  7. Broker or dealer in securities
  8. Security exchange or clearing house
  9. Other Exchange Act registered entity
  10. Investment company or investment adviser
  11. Venture capital fund adviser
  12. Insurance company
  13. State-licensed insurance producers
  14. Commodity Exchange Act registered entity
  15. Accounting Firm
  16. Public Utility
  17. Financial market utility
  18. Pooled investment vehicle
  19. Tax-exempt entity
  20. Entity assisting a tax-exempt entity
  21. Large operating companies
  22. Subsidiary of certain exempt entities
  23. Inactive entities


If your Corporation or LLC does not fall within the exempt industries and has fewer than 20 employees, it is crucial to comply with the new requirements and file your Beneficial Ownership Information within 60 days of January 1, 2024.


To ensure a seamless transition and to assist you in navigating these requirements, we are offering a FREE Consultation session tailored specifically for small businesses like yours. This session will help you understand your obligations and guide you through the filing process. Schedule your consultation by following the link in our BIO [or insert specific link or contact information].

Taking proactive steps to comply with the Corporate Transparency Act will help your business avoid potential penalties and disruptions to your operations.



Corporate Transparency Act Compliance Requirements for 2024

Corporate Transparency Act (CTA) and its implications for your business operations in 2024.


Purpose of the Act: The CTA has been introduced to enhance transparency in business ownership, aiming to combat various financial crimes such as money laundering and terrorist financing. This act necessitates specific businesses to disclose their beneficial ownership information.


Defining Beneficial Ownership: Beneficial ownership pertains to individuals who directly or indirectly own or control a significant portion (typically 25% or more) of a business entity.



Filing Requirements: Businesses falling outside the exempt industries are required to submit detailed Beneficial Ownership Information (BOI), including names, addresses, birthdates, and identification numbers of beneficial owners.


Penalties for Non-Compliance: Non-compliance with the Corporate Transparency Act could result in severe penalties, including fines, legal actions, or administrative sanctions.


Exempt Industries and Businesses: While there are industries exempt from filing BOI, it's crucial to note that this mandate includes small businesses such as Corporations and LLCs with under 20 employees.


Important Dates: The Act goes into effect on January 1, 2024. Businesses falling under the mandate have a 60-day window after this date to file their BOI to ensure compliance.


Assistance and Resources: To assist you in navigating these requirements, we're offering informative guides, FREE Consultation sessions tailored to aid businesses like yours in understanding and meeting compliance standards. Access these resources Here.


Ongoing Compliance: Staying compliant might involve periodic updates or additional filings in the future. Keeping abreast of regulatory changes is crucial for sustained adherence.


We encourage you to familiarize yourself with the specifics of the Corporate Transparency Act to ensure compliance and avoid any potential disruptions to your business operations.

For more detailed information and legal references regarding the CTA, please visit Here.