By Joseph C. Unger
Effective January 1, 2024, most legal entities incorporated, organized, or registered to do business (i.e., LLCs, LLP, PLLC, Inc., Co., etc.) in a state must disclose information relating to its owners, officers, and controlling persons with the Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, pursuant to the Corporate Transparency Act.
Affected entities must report information including: (1) the reporting company; (2) the reporting company’s beneficial owners; and (3) “company applicants” who made the filings to create the entity. While the reporting obligations are effective January 1, 2024, the actual due date for the initial report will depend on when the entity was created.
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