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ARTICLE · 17 JULY 2023

Corporate Transparency Act

Lathrop GPM
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If you own an interest in a legal entity, you will likely need to comply with new reporting requirements, in some cases as early as January 1, 2024.

United StatesCorporate/Commercial Law
Hopkins & Carley
Hopkins & Carley

If you own an interest in a legal entity, you will likely need to comply with new reporting requirements, in some cases as early as January 1, 2024. In 2021, Congress enacted the Corporate Transparency Act ("CTA"), which tasked the U.S. Treasury Department with developing a system of standardized reporting for companies (including LLCs and partnerships) being formed in the U.S. and the disclosure of their beneficial ownership information. Failure to comply with these new obligations brings potential civil and criminal penalties to individual business owners.

Who needs to Report?

The CTA requires privately owned corporations, LLCs, partnerships, and other legal entities formed by a filing with a Secretary of State ("Reporting Companies"), to disclose information about their beneficial owners and/or controlling members. Reporting is required for individuals who have "substantial control" over the company or control at least 25% of the entity. All reporting must

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