The Corporate Transparency Act (CTA) was enacted as part of the National Defense Act for Fiscal Year 2021. The CTA mandates entities report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).

If you are a domestic or foreign entity that filed formation or registration documents with a U.S. state or Indian tribe and do not meet any of 23 exemptions, you will need to register.

An entity can be any type of corporation, partnership, LLC or sole proprietorship including operating businesses, investment holding entities or rental activities.

Existing entities created or registered before January 1, 2024 must file by January 1, 2025

This is a free filing through the FinCEN web site.

Letters were sent Priority Mail by us to those that may be impacted by the new law based on our records.  If you did not receive a letter and believe that the law may apply to you, we have included the link to the letter here.

The following are online resources to help with compliance with the new law:

FinCEN: https://www.fincen.gov/boi

 FinCEN Toolkit: https://www.fincen.gov/boi/toolkit

IL Sec of State:  https://www.ilsos.gov/departments/business_services/boireport.html

IN Sec of State: https://inbiz.in.gov/BOI/

MN Sec of State: https://www.sos.state.mn.us/business-liens/beneficial-ownership-information/

Posted 11/15/24