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Keeping owners, managers, and stakeholders up to date on issues affecting their businesses.

Viewing posts in "Corporate Transparency Act (CTA)".

What Businesses Need to Know About the Corporate Transparency Act (CTA)

Beginning in 2024, many small businesses are required to report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) to create a national database for use by national security and law enforcement agencies to prevent the use of shell companies for criminal activity. It is critical that businesses understand their reporting requirements and how to properly report their information under this new law.

Alabama Federal Ruling Exempts Certain Parties from Corporate Transparency Act Compliance

On March 1, 2024, the U.S. District Court of the Northern District of Alabama, Northeastern Division, granted summary judgment in National Small Business United v. Yellen. The case, filed by the National Small Business Association (NSBA) and others, alleged that the passage and enforcement of the Corporate Transparency Act (CTA) exceeded the U.S. Constitution’s limits on congressional power.

National Beneficial Ownership Reporting Coming for Wisconsin Limited Liability Companies and Other Entities

While Chapter 183 of the Wisconsin Statutes (Wisconsin’s Limited Liability Company Act) does not require listing the members of a limited liability company (LLC) in the LLC’s operating agreement or annual report, the Corporate Transparency Act, adopted as Title LXIV of the 2021 National Defense Authorization Act (the NDAA), requires the creation of a national database of the “beneficial ownership” of many entities, including LLCs. Therefore, federal reporting of certain LLC members will be required in the future.