Kean Miller’s Overview of the Corporate Transparency Act

The Corporate Transparency Act (CTA) will require certain entities – such as corporations, limited liability companies (LLCs), limited partnerships, and other similar entities – to report to the federal government identifying information about the individuals who directly or indirectly own or control a company. The CTA became effective on January 1, 2024 and is the first ever federal legislation requiring the reporting of beneficial owners and is expected to impact more than 32 million existing businesses and over 5 million newly formed businesses per year going forward.

This presentation will include discussion of the following:

• The entities that are reporting companies under the CTA and must submit a BOI report to FinCEN.
• Exemptions from the CTA’s reporting requirements.
• The information that a reporting company must report to FinCEN.
• The individuals who are considered beneficial owners under the CTA.
• When initial reports and changes to reports must be filed.
• The penalties for failing to comply with the reporting requirements.
• Steps to take to comply with the CTA.

RSVP to events@keanmiller.com or 225.382.3653