Corporate Transparency Act- What Does It Mean for Business Owners?
As a business owner, you likely know that you must file an annual registration with your state’s government each year or every few years, which identifies the name of the company, its address, its registered agent, and its officers. For many business owners, this may be one of the few filings you have to make that discloses any personal information. The Corporate Transparency Act, passed on January 1, 2021, and regulations issued on September 30, 2022 by the Financial Crimes Enforcement Network (FinCEN) changes that. In this blog you will learn about which businesses this act applies to, what changes it will make to the annual registration process, when this act will take effect, and what business owners need to do when it does.