BizFilings’ Post

Discover how the Corporate Transparency Act's beneficial ownership reporting mandates could impact startups and small businesses. Learn the essentials about this new regulation and ensure your business meets its compliance requirements. https://ow.ly/zrHG50SqeUH #cta #beneficialownership #corporatetransparencyact #smallbusiness #compliance

Discover how the Corporate Transparency Act's beneficial ownership reporting mandates could impact startups and small businesses. Learn the essentials about this new regulation and ensure your business meets its compliance requirements. https://ow.ly/zrHG50SqeUH #cta #beneficialownership #corporatetransparencyact #smallbusiness #compliance

Discover how the Corporate Transparency Act's beneficial ownership reporting mandates could impact startups and small businesses. Learn the essentials about this new regulation and ensure your business meets its compliance requirements. https://ow.ly/zrHG50SqeUH #cta #beneficialownership #corporatetransparencyact #smallbusiness #compliance

🚨 Founders listen up! The Corporate Transparency Act (CTA) is now in effect as of January 1, 2024 🚨 U.S. startups, private funds, and foreign companies in the U.S. might need to comply with new ownership reporting rules. What is the purpose?  The rules aim to prevent financial crimes and sanction evasion by requiring beneficial ownership disclosure to FinCEN. Who is required to file? Most companies, except for those with specific exemptions like registered investment advisers, VC fund advisers, and large operating companies (those with more than 20 full-time employees and over $5M in gross revenue). What must be disclosed? Companies must report details about themselves, beneficial owners, and, for entities formed after January 1, 2024, company applicants. When to File?  New companies formed on/after January 1, 2024, have 90 days to file. Companies formed in 2025 onwards have 30 days to file. Existing companies before December 31, 2023, have until the end of 2024. The most complex issues are determining whether a company qualifies for an exemption and whether a person exercises substantial control over the company, which would necessitate disclosure in the report. Have questions or need help with your filing? Reach out to our team at Lawlace for assistance! If you’d like to learn more about this new filing requirement, check out my blog post linked in the comments.

#Didyouknow the Corporate Transparency Act requires the FCEN to collect beneficial ownership information (BOI) from small businesses and startups. Click to learn more about the new reporting requirements, and what to do if you're impacted! #BOI #CTA

The Corporate Transparency Act requires the Financial Crimes Enforcement Network to collect beneficial ownership information (BOI) from small businesses and startups. The new filing requirements began on January 1st. Virtually all small businesses in the U.S., including venture-backed startups, are considered reporting companies under the CTA. Click to learn more about these new reporting requirements and what to do if you're impacted. #BOI #CTA

Here are my legal tips for #investors with respect to the Corporate Transparency Act, a new law requiring most US companies to report to the federal government the names of their Beneficial Owners (including investors in many cases). A key #CTA compliance deadline arrives this December, so investors should talk to their portfolio companies now to prepare. #CorporateTransparencyAct #angelinvestors #angelinvesting #venturecapital #startups https://lnkd.in/gBKCPnz9

If you haven't heard about the new Corporate Transparency Act requirements, read this article! Most businesses are impacted by these new changes, and fees are steep (up to $500 per day!). #corporatetransparencyact #businessowner #lawfirm https://loom.ly/1DGNX-E

A reminder to my startup and small company connections: the January 1, 2025 beneficial ownership reporting deadline under the Corporate Transparency Act is only a few fast-moving months away. Some types of companies are exempt, but you're probably not one of them :) Also, if you were formed after January 1, 2024 the deadline is based on when you were formed - so read the rules carefully. More information here:

Attention startup owners! Remember that the requirement to file Beneficial Ownership Information Report (BOIR )only gives you 90 days to do so if your business was started this year- and only some types of businesses are exempt. Older businesses have until 2025. Failure to comply may result in high penalties. Now, in March  U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) was unconstitutional because the legislation cannot be justified as an exercise of Congress' enumerated powers. However, finCEN did indirectly say that it will continue to enforce it against those who were not parties to the lawsuit, as the matter goes up on appeal. The process is easy, but quite intrusive as you will need the names, dates of birth, and addresses and scanned IDs of the owners as well as the applicant (organizers/incorporators). Good luck.