Stay Compliant with the Corporate Transparency Act: How Our Law Firm Can Help

The Corporate Transparency Act (CTA) has introduced new and sweeping requirements for many businesses operating in the United States. Starting in 2024, most corporations, limited liability companies (LLCs), and similar entities are required to submit beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). This marks a significant change for small and medium-sized businesses, and failing to comply can result in steep penalties.

At FDLSmithLaw, we understand that navigating these new regulations can be overwhelming. That’s why we’re here to help.

What Does the Corporate Transparency Act Require?

The CTA mandates that qualifying entities must file reports identifying their beneficial owners—those who own or control at least 25% of the company or who exercise significant control. Reports must include:

• Full legal names
• Date of birth
• Residential or business address
• A unique identification number from a government-issued document, such as a passport or driver’s license

Entities formed after January 1, 2024, must file their information within 30 days of incorporation, while those formed prior to that date have until January 1, 2025, to comply.

The Risks of Non-Compliance

Failing to submit the required information or submitting incorrect data can lead to:

• Civil penalties: Up to $500 per day of non-compliance
• Criminal penalties: Fines of up to $10,000 or even imprisonment

Given the gravity of these consequences, it’s crucial to get it right the first time.

How We Can Help

Our experienced corporate compliance attorneys can guide you through every step of the filing process, including:

1. Assessing your company’s requirements: Not all entities are subject to the CTA. We’ll help you determine whether you need to file.
2. Gathering the necessary information: We’ll assist in identifying and documenting your company’s beneficial owners to ensure accuracy and completeness.
3. Preparing and submitting your filings: Our team will handle the filing process, so you can focus on running your business.
4. Providing ongoing support: As your company evolves, we can assist with amendments or updates to your filings.

Act Now to Protect Your Business

The CTA is a complex but necessary measure to increase transparency and combat financial crime. Don’t let confusion or delays put your business at risk. By partnering with our firm, you can ensure full compliance while avoiding costly penalties.

Contact us today to schedule a consultation and take the first step toward meeting your CTA obligations. Together, we’ll secure your business’s future.