New Reporting Requirements Under the Corporate Transparency Act
Michimich.com/10277179

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

• "The Art of Philanthropy" — A Year-Long Campaign Supporting the USO and Military Veterans
• TRUE Palliative Care Launches as California Strengthens Commitment to Compassionate Care Under SB 403
• Mysterious Interstellar Object 3I/ATLAS Appears to Pause Near Mars, Exhibiting Periodic Light Pulses
• $73.6 Million in Order Backlog Poised for Explosive Growth in 2026; Streamlined Share Structure: Cycurion, Inc. (N A S D A Q: CYCU) $CYCU
• Osric Langevin Unveils "Quantitative Trend" Framework for Multi-Asset Analysis in Q4 2025

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