🔍The Corporate Transparency Act requires companies to provide information about their beneficial owners.
📆The Act will go into effect on January 1, 2024.
🔒Entities that have always been exempt from reporting are not required to report.
💼Company applicant information only needs to be updated if it was wrong.
💡There is no upper limit on the number of beneficial owners.
When does the Corporate Transparency Act go into effect?
—The Corporate Transparency Act goes into effect on January 1, 2024.
Are there any limits on the number of beneficial owners that companies need to report?
—No, there is no upper limit on the number of beneficial owners that companies need to report.
Do entities that have always been exempt from reporting need to report under the Corporate Transparency Act?
—No, entities that have always been exempt from reporting are not required to report under the Corporate Transparency Act.
When does company applicant information need to be updated?
—Company applicant information only needs to be updated if it was wrong.
What is the purpose of the Corporate Transparency Act?
—The purpose of the Corporate Transparency Act is to increase transparency and prevent illicit activities by requiring companies to disclose their beneficial owners.
00:02The Corporate Transparency Act goes into effect on January 1, 2024.
00:17Entities that have always been exempt from reporting are not required to report.
01:19There is no upper limit on the number of beneficial owners that companies need to report.
03:20Company applicant information only needs to be updated if it was wrong.
05:57The purpose of the Corporate Transparency Act is to increase transparency and prevent illicit activities by requiring companies to disclose their beneficial owners.
