Corporate Transparency Act
Corporate Transparency Act Attorneys
The Corporate Transparency Act (CTA), also known as the Anti-Money Laundering Act, was enacted in 2019 to crack down on money laundering. The CTA became effective on January 1, 2024.
The Corporate Transparency Act affects small businesses by requiring corporations, LLCs, or other entities created under the law of state to file a Beneficial Ownership Information (BOI) Report with the Financial Crimes Enforcement Network (FinCEN). FinCEN estimates that 32 million businesses in the US will be subject to these reporting rules.
Businesses that were registered before January 1, 2024, will have one year to file initial reports, while businesses on or after January 1, 2024 and before January 1, 2025 will have 90 days after creation or registration to file the report. After January 1, 2025, companies will have 30 days to file the BOI report. Failure to comply with the CTA may result in up to $10,000 in fines and up to two years in jail.
As part of the CTA, business owners, and those who have substantial control over the businesses, must submit a personal identification document such as a driver’s license, residential address, and the company’s EIN.
FinCEN does not require a filing fee and the BOI only needs to be updated when there is a change in your reporting information.
We can help with your BOI Report across various industries including technology, hospitality, professional services, consulting, manufacturing, construction, business services, and transportation.
Motiva Business Law Offers
- Beneficial Ownership Information Report
- Operating Agreemements
- Shareholder Agreements
- Corporate By-laws
Filing your Beneficial Ownership Information Report
Our law firm helps with filing your Beneficial Ownership Information (BOI) report. We act as your “company applicant” for your company, the “reporting company.” We don’t just file your BOI report, but we also protect you from the liability may come with a government’s potential claim of violation.
We protect you by making sure the correct people are filed, guiding you as to when you should update your BOI, and otherwise clearly documenting ownership and control of your business wither either corporate documents or other documents.
Experience the Benefits of Working with Motiva Business Law
- Filing Your BOI Report: our Corporate Transparency Act attorneys take this task off of your plate so you can focus on your business.
- Corporate Governance: we will handle the necessary arrangements to document your business entity and address the required procedures to determine the rights and responsibilities of the organization’s board of directors, owners, and shareholders for the purpose of the CTA.