The purpose of this memo is to provide our clients with an overview of the Corporate Transparency Act (CTA) and steps necessary to take to be compliant with the CTA.

The CTA was enacted into law on January 1, 2021 as part of the Anti-Money Laundering Act of 2020. It will impact any “legal entity,” including any domestic or foreign corporation, limited liability company, limited partnership, statutory business trust or other form of entity created by the filing of a document with a secretary of state or other similar office.