Frequently Asked Questions

The CTA (Corporate Transparency Act) is a US law enacted in 2021 requiring most small businesses to disclose information about their "beneficial owners" (individuals with significant control). This aims to increase transparency in corporate ownership, aiding in the fight against financial crime and protecting national security.

This depends on whether you're a "reporting company," which generally includes US-registered businesses like corporations, LLCs, and partnerships. Some exemptions apply, such as publicly traded companies and certain non-profits. See the full list of exempt organizations here.

Existing companies have until January 1, 2025. New companies have 90 days from their formation date.

Details about your "beneficial owners," individuals with 25% or more ownership or voting power. This includes their name, date of birth, address, and a photo of a government-issued ID like a driver’s license or passport.

Our resources page has all the information you need about CTA and BOI, and our support staff is here to help answer any questions.Additional information can be found on the FinCEN website https://www.fincen.gov/boi

Failing to file could result in penalties and other enforcement actions such as:
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Monetary fines: Governments can levy financial penalties, the amount varying based on jurisdiction and violation severity.
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‍Legal repercussions: Non-compliance may trigger lawsuits or administrative actions by regulatory agencies.
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Loss of privileges: Businesses risk losing benefits like government contracts or licenses by not providing required information.
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‍Administrative penalties: Regulatory bodies can impose additional fees or daily penalties for non-compliance.
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‍Injunctions or restraining orders: Extreme cases of non-compliance may lead to orders preventing certain business activities until information is filed.