Seattle Corporate Transparency ACT Attorneys (CTA)

Our Carney Badley Spellman attorneys in Seattle recognize the importance of keeping our clients informed about the CTA legal developments. The Corporate Transparency Act (CTA) has ushered in significant changes in the landscape of corporate regulation in the United States. Here’s an overview of its potential impact on businesses.

What is the Corporate Transparency Act?

The Corporate Transparency Act, enacted in 2023, is a federal law aimed at enhancing corporate transparency and preventing the illicit use of legal entities for money laundering, terrorism financing, and other unlawful activities. The act introduces new reporting requirements for certain entities to disclose their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).

Key Provisions of the Corporate Transparency Act

1. Reporting Requirements

Covered corporations, LLCs, and similar entities are now required to report information about their beneficial owners to FinCEN. This includes individuals who directly or indirectly own or control 25% or more of the ownership interests.

2. Beneficial Ownership Information

The reported information typically includes names, dates of birth, addresses, and identification numbers of the beneficial owners. Entities are also required to provide updates in case of any changes.

3. Confidentiality Protections

While the information is disclosed to FinCEN, it is not made publicly accessible. There are confidentiality provisions in place to protect the sensitive information of beneficial owners.

4. Penalties for Non-Compliance

Non-compliance with the reporting requirements can result in significant penalties. It is crucial for covered entities to understand and fulfill their obligations under the Corporate Transparency Act.

How Can Carney Badley Spellman Help You?

Navigating the complexities of the Corporate Transparency Act requires a thorough understanding of its provisions and implications. At [Your Law Firm], our experienced legal team can assist your business in:

Compliance Review: Assessing your current practices to ensure compliance with the Corporate Transparency Act.

Reporting Assistance: Providing guidance on gathering and submitting accurate beneficial ownership information to FinCEN.

Legal Counsel: Offering legal advice on the implications of the Corporate Transparency Act for your specific business structure and operations.

Stay ahead of regulatory changes and ensure compliance with the Corporate Transparency Act.  You can contact any one of our attorneys listed on the right to schedule a consultation with our legal experts.