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Client Alert
|August 20, 2024
|5 Min Read
The Corporate Transparency Act: Coming to A Reporting Company Near You
The Corporate Transparency Act (CTA) establishes beneficial ownership information (BOI) reporting requirements for the vast majority of privately held corporations, limited liability companies (LLCs), and other similar entities created in, or registered to do business in, any of the states of the United States (U.S.), known as “reporting companies.”[1] Millions of reporting companies created prior to January 1, 2024 are facing the fast-approaching BOI reporting compliance deadline of January 1, 2025. Yet, a recent survey of 200 general counsels, corporate secretaries, and other legal and compliance executives from across a broad range of industries revealed that 83% of respondents were “concerned or very concerned” about their own organization’s readiness to comply with the CTA.[2]