UPDATE (MARCH 4, 2025) : As of now, the US Treasury Department has officially suspended all enforcement of the CTA. Read here for more details.

Do you own a business and you’re just now hearing about the Corporate Transparency Act and Beneficial Owner Reporting? No worries, you’re not alone.

 

Beneficial Owner Reporting

Here’s a quick list of the information that you will have to provide to the US government under the Corporate Transparency Act (CTA) in 2024.  

Legal name of the entity

The full legal name of the corporation or LLC as registered with the relevant state agency.  

Principal place of business

The physical address of the entity’s primary place of business, including street address, city, state, and zip code.  

Date of formation:

The date on which the entity was formed or registered with the state.  

Identification of the applicant

The name, date of birth, current residential or business address, and unique identification number (such as a passport or driver’s license number) for each individual who is filing the report on behalf of the entity.  

Beneficial Ownership Information

For each “beneficial owner,” which is defined as any individual who directly or indirectly owns 25% or more of the ownership interests in the entity, or exercises substantial control over the entity, the following information is required:

1. 1. Full legal name
   2. Date of birth
   3. Current residential or business address
   4. Unique identification number (such as a passport or driver’s license number)
   5. Certification that the individual is a beneficial owner of the entity, including a description of the nature and extent of the individual’s ownership or control.

Attestation

A statement attesting to the accuracy of the information provided, signed by the individual filing the report on behalf of the entity.  

Conclusion

It’s important to note that the final regulations and procedures for compliance with the CTA are still being established, and the above checklist may be subject to change. Companies should stay informed about any updates or changes to the law, and consult with legal counsel, CPAs, or financial advisors to ensure compliance with the CTA’s reporting requirements.