L. Joseph Hudack, Esq., CCIM, MCR’s Post

The Corporate Transparency Act (“CTA”) went into effect January 1, 2024. It requires new and existing entities to file information concerning their beneficial ownership information (“BOI”) with the Financial Crimes Enforcement Network (“FinCEN”) and requires that information stay up to date. So who is a Beneficial Owner? A beneficial owner is any individual who, directly or indirectly, exercises substantial control over a reporting company OR owns or controls at least 25% of the ownership interests of a reporting company. An individual might be a beneficial owner through substantial control, ownership interests or both. Contact us if you need help understanding the legal details surrounding the CTA.  #corporatetransparencyact  #businesslaw #executivelegal #legalupdate

The Corporate Transparency Act will require almost every small corporation, limited liability company, and limited partnership to report certain information about its “beneficial owners” to the Financial Crimes Enforcement Network or “FinCEN.” The rules for entities created after January 1, 2024 require reporting within 30 days of formation, while entities existing as of January 1, 2024 have until January 1, 2025 to report. Identification of “beneficial owners” may be a complicated process because individuals can be deemed to be beneficial owners through direct or indirect ownership or control of an entity. In addition, changes in beneficial ownership will also require almost immediate reporting. Failure to report may result in substantial civil and criminal penalties

Business Owners | The Corporate Transparency Act (CTA) requires certain entities to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Who Needs to Pay Attention? ✅ Corporations ✅ Limited Liability Companies (LLCs) ✅ Other similar entities If your business falls under these categories, it's essential to stay informed about the requirements of the CTA to ensure compliance and avoid potential penalties. #CorporateTransparencyAct #BusinessCompliance #CTA

Beginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered in the United States to provide detailed information about their beneficial owners, that is, the people who own or control the company, to the U.S. Financial Crimes Enforcement Network (FinCEN). What happens if a business owners fails to report beneficial ownership information to FinCEN or fails to update or correct the information in a timely manner? There are both civil and criminal penalties for individuals who intentionally provide false information or fail to report complete or up-to-date beneficial ownership information to FinCEN. Penalties for noncompliance are strict and include fines of $500 per day, per entity, and up to two years in prison. Register for our free events in November and December to learn more about how to protect yourself from costly fines or even jail time for missing the deadline of this new federal law. Click here to register today! https://lnkd.in/gpS8cAii

Beginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered in the United States to provide detailed information about their beneficial owners, that is, the people who own or control the company, to the U.S. Financial Crimes Enforcement Network (FinCEN). What happens if a business owners fails to report beneficial ownership information to FinCEN or fails to update or correct the information in a timely manner? There are both civil and criminal penalties for individuals who intentionally provide false information or fail to report complete or up-to-date beneficial ownership information to FinCEN. Penalties for noncompliance are strict and include fines of $500 per day, per entity, and up to two years in prison. Register for our free events in November and December to learn more about how to protect yourself from costly fines or even jail time for missing the deadline of this new federal law. Click here to register today! https://lnkd.in/gpS8cAii

Beginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered in the United States to provide detailed information about their beneficial owners, that is, the people who own or control the company, to the U.S. Financial Crimes Enforcement Network (FinCEN). What happens if a business owners fails to report beneficial ownership information to FinCEN or fails to update or correct the information in a timely manner? There are both civil and criminal penalties for individuals who intentionally provide false information or fail to report complete or up-to-date beneficial ownership information to FinCEN. Penalties for noncompliance are strict and include fines of $500 per day, per entity, and up to two years in prison. Register for our free events in November and December to learn more about how to protect yourself from costly fines or even jail time for missing the deadline of this new federal law. Click here to register today! https://lnkd.in/gpS8cAii

Beginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered in the United States to provide detailed information about their beneficial owners, that is, the people who own or control the company, to the U.S. Financial Crimes Enforcement Network (FinCEN). What happens if a business owners fails to report beneficial ownership information to FinCEN or fails to update or correct the information in a timely manner? There are both civil and criminal penalties for individuals who intentionally provide false information or fail to report complete or up-to-date beneficial ownership information to FinCEN. Penalties for noncompliance are strict and include fines of $500 per day, per entity, and up to two years in prison. Register for our free events in November and December to learn more about how to protect yourself from costly fines or even jail time for missing the deadline of this new federal law. Click here to register today! https://lnkd.in/gpS8cAii

Beginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered in the United States to provide detailed information about their beneficial owners, that is, the people who own or control the company, to the U.S. Financial Crimes Enforcement Network (FinCEN). What happens if a business owners fails to report beneficial ownership information to FinCEN or fails to update or correct the information in a timely manner? There are both civil and criminal penalties for individuals who intentionally provide false information or fail to report complete or up-to-date beneficial ownership information to FinCEN. Penalties for noncompliance are strict and include fines of $500 per day, per entity, and up to two years in prison. Register for our free events in November and December to learn more about how to protect yourself from costly fines or even jail time for missing the deadline of this new federal law. Click here to register today! https://lnkd.in/gCkJqsPv

Beginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered in the United States to provide detailed information about their beneficial owners, that is, the people who own or control the company, to the U.S. Financial Crimes Enforcement Network (FinCEN). What happens if a business owners fails to report beneficial ownership information to FinCEN or fails to update or correct the information in a timely manner? There are both civil and criminal penalties for individuals who intentionally provide false information or fail to report complete or up-to-date beneficial ownership information to FinCEN. Penalties for noncompliance are strict and include fines of $500 per day, per entity, and up to two years in prison. Register for our free events in November and December to learn more about how to protect yourself from costly fines or even jail time for missing the deadline of this new federal law. Click here to register today! https://lnkd.in/gpS8cAii

Beginning January 1, 2024, the Corporate Transparency Act will require most entities formed or registered in the United States to provide detailed information about their beneficial owners, that is, the people who own or control the company, to the U.S. Financial Crimes Enforcement Network (FinCEN). What happens if a business owners fails to report beneficial ownership information to FinCEN or fails to update or correct the information in a timely manner? There are both civil and criminal penalties for individuals who intentionally provide false information or fail to report complete or up-to-date beneficial ownership information to FinCEN. Penalties for noncompliance are strict and include fines of $500 per day, per entity, and up to two years in prison. Register for our free events in November and December to learn more about how to protect yourself from costly fines or even jail time for missing the deadline of this new federal law. Click here to register today! https://lnkd.in/gpS8cAii