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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
