File your Beneficial Ownership Information Report
What?
The CTA represents the most dramatic increase in required disclosure in the U.S. by business entities in over 20 years.
Who?
If you own, control, or even loan money to an LLC, for-profit Corporation, Limited Partnership, LLP, LLLP, or Statutory trust, you are now required to file a report with the US Financial Crimes Enforcement Network (FinCen) on your company and its owners.
When?
The CTA was passed in 2021. As of January 1, 2024, all business entities will be required to comply with the CTA.
Why?
The failure to file the necessary reporting can result in severe civil and criminal penalties, including fines up to $10,000 and two years in prison.
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