The Corporate Transparency Act Is Here

The U.S. Corporate Transparency Act ("CTA") requires certain privately owned entities to report information about the people who control them (their "beneficial owners") to the Financial Crimes Enforcement Network of the U.S. Department of the Treasury ("FinCEN"). The CTA rules generally apply to privately owned limited liability companies (LLCs), limited partnerships (LPs), corporations and other entities created by filing a document with a secretary of state or similar officer. The CTA contains a number of exemptions from the reporting requirements which may apply in certain cases.

FinCEN has started accepting beneficial ownership information reports and applications to obtain FinCEN identifiers. Reporting companies can file their beneficial ownership information reports here. Beneficial owners and company applicants can apply for FinCEN identifiers here.