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Navigating the Corporate Transparency Act: A Free Seminar for Small Businesses
A new law called the Corporate Transparency Act (CTA) is shaking up the landscape for business ownership in the United States, particularly for smaller entities, such as corporations, limited liability companies (LLCs), and similar entities registered in the United States. This act, enacted in 2021, requires certain businesses to disclose sensitive information about their owners and structure to the Financial Crimes Enforcement Network (FinCEN), such as legal names, addresses, Tax IDs and even “doing business as” names. The law also shines a light on the individuals who truly control these businesses, known as beneficial owners. If you hold 25% or more ownership or exert significant control, you fall under this category and must disclose your full name, date of birth, address, and a unique identification number.
The CTA aims to combat financial crimes like money laundering and terrorism by making it harder for bad actors to hide behind opaque business structures. This increased transparency empowers law enforcement and investigators to track down illicit activity.
“The CTA is a significant shift for business ownership in the U.S., especially for smaller companies,” says San Antonio attorney Todd A. Marquardt of Marquardt Law Firm, P.C. “Staying informed about the law, its requirements, and potential exemptions is crucial for avoiding penalties and ensuring continued smooth operation.”
To provide small business owners with important information about this new law and how it impacts them, Marquardt is hosting a free public awareness/educational seminar about this new regulation that specifically targets small businesses. Light appetizers and refreshments provided.
“While larger businesses often have dedicated compliance teams to navigate such regulations, the CTA presents a new challenge for smaller entities,’ adds Marquardt. “Understanding the rules, gathering required information, and meeting deadlines can be daunting. Legal and financial professionals can provide valuable guidance in ensuring compliance.”
The event is free. Please call 210-530-8278 to RSVP.
Event Links
Facebook: https://go.evvnt.com/2204936-0
Website: https://go.evvnt.com/2204936-2
