Motiva Business Law

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5-Star Rating

Florida

(813) 214-8555

Tampa,  Florida

Illinois

(630) 517-5529

Oak Brook, Illinois

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.

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.

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What Our Clients Say

I’ve consulted Danya several times on legal matters related to my business. She is always quick to respond and very thorough and thoughtful in her responses. What I like most about consulting Danya is that she is also very honest, straight forward, and truly looking out for my best interests.
Amber K.
Danya's knowledge of the law and ability to get work done efficiently and with a smile makes her and her firm stand out against other firms that handle corporate law matters.
Janaan H.
Danya truly cares about her clients and about providing high-quality professional business law expertise. Highly recommend!
Lynn S.

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