Michimich.com - New Reporting Requirements Under the Corporate Transparency Act

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ANN ARBOR, Mich. - Michimich -- The Corporate Transparency Act (CTA) has introduced significant new reporting obligations for many businesses operating in the United States. Starting January 1, 2024, certain companies must file Beneficial Ownership Information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN).

The CTA applies to "reporting companies," which include:

Domestic corporations, limited liability companies, and similar entities created by filing with a secretary of state or similar office
Foreign entities registered to do business in the United States

Some exemptions exist, including for publicly traded companies, certain nonprofits, and some large operating companies.

"It's crucial for businesses to review their company structure and determine if they're subject to these reporting requirements," says Mark Nelson.

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Learn more about new reporting requirements under the corporate transparency act here.

For more information or to speak with us about your legal issue, please contact our business attorneys in Ann Arbor at 734-665-4441.Schedule an initial consultation.

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