After hearing a tip from a friend in February, I called the Utah Department of Corporations and asked about the Corporate Transparency Act. My man Mario there didn’t know anything about it, so we both learned something new that day. Here’s what was communicated to me:
“In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires many companies doing business in the United States to report information about who ultimately owns or controls them.” You can file with the federal financial crimes enforcement network (FinCEN) at https://fincen.gov/boi It took me under 10 minutes to complete myself. I just needed to provide info for the applicant (in this case me) and each of the beneficial owners.
Update: On March 1, 2024, the U.S. District Court for the District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional as it “transcends the limits imposed by the Constitution on the legislative branch and lacks a strong connection to any enumerated power”. The ruling suspended the enforcement of the CTA against the plaintiffs.
Soo… we’ll have to wait to hear how this goes. Stay tuned!
Please note that my comments here are not professional legal advice, and this story isn’t over yet, so please check with whoever helped you set up your business to make sure you handle this correctly. You can read more about this here:
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https://lnkd.in/gwQigmYc
