{"id":23783,"date":"2024-02-16T19:17:04","date_gmt":"2024-02-16T19:17:04","guid":{"rendered":"https:\/\/desarrollo5586.live-website.com\/?p=23783"},"modified":"2024-02-16T19:54:45","modified_gmt":"2024-02-16T19:54:45","slug":"ready-for-the-incoming-corporate-transparency-act-what-every-u-s-business-needs-to-know","status":"publish","type":"post","link":"https:\/\/desarrollo5586.live-website.com\/en\/ready-for-the-incoming-corporate-transparency-act-what-every-u-s-business-needs-to-know\/","title":{"rendered":"Ready for the incoming Corporate  Transparency Act? What Every U.S.  Business Needs to Know"},"content":{"rendered":"<p>Have you heard that there is a new requirement for all non-exempt U.S. businesses to register information concerning their beneficial owners with the United States Financial Crimes Enforcement Network?<\/p>\n<p>\u200d<\/p>\n<p>Is this real?<strong>\u00a0It\u2019s very real<\/strong>. Does it apply to me and my business?<strong>\u00a0Most likely, yes.<\/strong>\u200d<\/p>\n<p>Each year, more than two million limited liability companies, corporations and other entity types register their businesses in a particular state (\u201cReporting Entities\u201d). In 2022, over 500,000 new LLCs were formed in Florida alone. When a company is formed, the majority of states do not require information about the company\u2019s beneficial owners. For example, the Articles of Organization for a manager-managed LLC, the state of Florida only requires the company name, address, registered agent, and the name and address of each manager \u2013 not the owners. Additionally, none of the information provided is verified.<\/p>\n<p>&nbsp;<\/p>\n<p>In many cases, Reporting Entities are owned and\/or operated by other entities. Thus, weaving a web of companies without a clear indication of ownership or control at any level. Arguably, this lack of transparency is harmless. However, the anonymity permits nefarious and often undetected illegal activities such as money laundering and terrorist financing.<\/p>\n<p>Don&#8217;t navigate this compliance landscape alone \u2013 dive into our webinar on <strong>February 20th,<\/strong> hosted by the Spain-US Chamber of Commerce and Ontier. Secure actionable insights for Corporate Transparency Act compliance and explore its impact on your business. Connect with legal experts from Ontier, ask questions, and fortify your understanding of the regulatory landscape.\u00a0 Register <a href=\"https:\/\/attendee.gotowebinar.com\/register\/7175994961177460569?source=blog\">here<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Countdown to Compliance: Reporting requirements<\/strong><\/p>\n<p>The Corporate Transparency Act (the \u201cCTA\u201d) seeks to end \u201ccorporate anonymity\u201d and enhance transparency at the federal government level.<\/p>\n<p>Beginning on January 1, 2024, all non-exempt Reporting Entities are required to identify, report and provide supporting documentation concerning the identity of the company\u2019s beneficial owners to the Financial Crimes Enforcement Network (FinCEN).<\/p>\n<p>A beneficial owner is defined as an individual who directly or indirectly, or through any contract, exercises substantial control over an entity or owns or controls 25% or more of the ownership interests of a company.<\/p>\n<p>Failure to provide the required information or providing or attempting to provide false or fraudulent information could subject the beneficial owner(s) and\/or the company to criminal and\/or civil penalties.<\/p>\n<p>Reporting Entities that are formed or registered after January 1, 2024 shall submit to FinCEN the required information within 30-days of formation or registration. Those Reporting Entities that were previously registered with a state are required to report before January 1, 2025.<\/p>\n<p><strong>Further information<\/strong><\/p>\n<p>For any questions on the topics raised in this alert, please contact\u00a0<a href=\"https:\/\/www.ontier.law\/people\/jason-e-rosen\">Jason<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.ontier.law\/people\/marta-corbi\">Marta<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>\u00a0<img decoding=\"async\" class=\"alignnone size-medium wp-image-23795\" src=\"https:\/\/desarrollo5586.live-website.com\/wp-content\/uploads\/logo-48-300x81.png\" alt=\"\" width=\"300\" height=\"81\" srcset=\"https:\/\/desarrollo5586.live-website.com\/wp-content\/uploads\/logo-48-300x81.png 300w, https:\/\/desarrollo5586.live-website.com\/wp-content\/uploads\/logo-48-768x208.png 768w, https:\/\/desarrollo5586.live-website.com\/wp-content\/uploads\/logo-48.png 793w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/strong><\/p>\n<p><a href=\"https:\/\/www.ontier.law\/\">www.ontier.law<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have you heard that there is a new requirement for all non-exempt U.S. businesses to register information concerning their beneficial &hellip; <a href=\"https:\/\/desarrollo5586.live-website.com\/en\/ready-for-the-incoming-corporate-transparency-act-what-every-u-s-business-needs-to-know\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Ready for the incoming Corporate  Transparency Act? What Every U.S.  Business Needs to Know<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":23785,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[154],"tags":[],"class_list":["post-23783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-laws"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ready for the incoming Corporate Transparency Act? What Every U.S. Business Needs to Know<\/title>\n<meta name=\"description\" content=\"Have you heard that there is a new requirement for all non-exempt U.S. businesses to register information concerning their beneficial owners with the United States Financial Crimes Enforcement Network?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/desarrollo5586.live-website.com\/en\/ready-for-the-incoming-corporate-transparency-act-what-every-u-s-business-needs-to-know\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ready for the incoming Corporate Transparency Act? 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