The Corporate Transparency Act: Do You Know Where Your Entity Stands?

Private Wealth Services attorneys Brent Berselli and Jorge Sagarra co-authored a feature for the Portland Business Journal answering questions about compliance with the Corporate Transparency Act (CTA). The CTA, which took effect at the beginning of this year, requires entities identified as "Reporting Companies" to submit information about their beneficial owners and company applications to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). FinCEN will maintain this information in a secure, nonpublic database for use by the U.S. government, financial institutions and financial regulators. Determining who qualifies as a reporting company or beneficial owner, along with what information needs to be included in a Beneficial Ownership Information Report (BOI Report), has proven confusing for corporations and limited liability companies (LLCs) alike. In this article, the authors outline answers to basic compliance questions, providing a practical tool for companies navigating requirements under the CTA.

READ: The Corporate Transparency Act: Do You Know Where Your Entity Stands? (Subscription required, article begins on page 15)