CTA Effective 1/1/24
A Legal Moment

Corporate Transparency Act Launches January 1, 2024

   CTA Requires Annual Report Intended to Enhance Transparency Regarding Corporate Ownership to Combat Money Laundering

   Beginning January 1, 2024, the Corporate Transparency Act (“CTA”) goes into effect.  Congress passed the CTA to enhance transparency in business ownership for the stated purposes of combating money laundering, foreign interference, fraud, and other illegal activities.

    The basic requirement is for small corporations and limited liability companies to report the following to the Financial Crimes Enforcement Network (“FinCEN”):
  • Full Legal Name of the Business Entity
  • All Trade Names and Assumed Business Names
  • Street Address of the Principal Place of Business
  • Employer Identification Number
    In addition, for each individual owner, a small corporation or limited liability company must report the following to FinCEN:
  • Full Legal Name
  • Date of Birth
  • Residential Address
  • ID Number from a Non-expired Passport or Driver License and a Copy of the Selected ID
   There are a lot of details to these requirements including filing deadlines for new companies, filing deadlines for existing companies, exemptions, and definitions of covered companies and individual owners.  For more information, please refer to the following links:    MRG intends this message as a courtesy notice to alert our readers to this upcoming legal requirement which has penalties of up to $500.00 per day for non-compliance.  Please feel free to contact us with questions regarding how these new rules might apply to your individual circumstances.



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Greg Gregory is an attorney and shareholder at Marshall, Roth & Gregory, PC. Recognized as a "Best Lawyer"™ (Real Estate) in 2019 Greg's practice encompasses all forms of business and real estate transactions.
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