Important Notice: Filing Requirement under the Corporate Transparency Act (CTA)
Background on the Corporate Transparency Act
The CTA requires corporations, LLCs, and other similar entities to disclose the personal identifying information (PII) of individuals who directly or indirectly own or control 25% or more of the entity, or who exercise substantial control over the entity's decisions (defined as beneficial owners).
Filing Deadline
The deadline for filing beneficial ownership information is January 1, 2025. It's crucial that you submit the required information on time to avoid any penalties.
Who Must File?
Most U.S. corporations, limited liability companies (LLCs), and similar entities are required to file under the CTA. There are some exceptions, including large operating companies (with more than 20 employees and $5 million in revenue), certain governmental entities, and regulated businesses such as banks.
How to File
To comply with the Corporate Transparency Act, you must provide the following information for each beneficial owner:
- Full legal name
- Date of birth
- Residential or business address
- A unique identifying number from an acceptable identification document (e.g., passport, driver’s license)
You can complete the submission by visiting FinCEN's Beneficial Ownership Information (BOI) portal here.
Penalties for Non-Compliance
Failure to submit this information could result in civil and criminal penalties, including fines of up to $500 per day of non-compliance and potential criminal charges with fines of up to $10,000 or imprisonment.
For more information, please visit: https://www.fincen.gov/boi