No business wants to begin the new year with an administrative burden. On Jan. 1, 2024, the Corporate Transparency Act (CTA) will go into effect, requiring all entities formed or registered to do business in the United States to either confirm that they qualify for an exemption from the CTA’s reporting requirements or submit a beneficial ownership information (BOI) report to the U.S. Treasury’s Financial Crimes and Enforcement Network (FinCEN). Reporting companies include all entities – unless an exemption applies – that are formed or registered to do business in the United States by the filing of a document with a secretary of state or similar office (e.g., corporations, LLCs, LLPs).
