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

Trending...

Deaths Spur Closures, but Troubled Teen Camps Must Be Banned, CCHR Warns
Bach and Beyond: Cellists Return to the Beach for 2nd Annual Bethany Beach Cellofest
NR7 Miner launches zero-cost USDT cloud mining service: daily stable income + referral rewards for double profit

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.

More on Michimich.com

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.

Pear Sperling Eggan & Daniels: Trusted Legal Counsel in Washtenaw County

Since its founding in 1948, Pear Sperling Eggan & Daniels, P.C. has been a cornerstone of the Washtenaw County legal community. The firm has a long history of adapting to meet the evolving needs of its clients and has earned a reputation for excellence. The firm's attorneys are recognized by their peers as Top Rated Michigan SuperLawyers® and hold an AV® rating, signifying the highest possible rating based on peer review.

https://www.psedlaw.com