The Corporate Transparency Act: What Small Business Owners Need to Know

💼Small business owners need to be aware of the Corporate Transparency Act and its reporting requirements.

📝The Act requires reporting of substantial control and beneficial ownership of LLCs and S corporations.

👥Owners and managers of LLCs and S corporations need to provide their personal information, such as social security numbers and addresses.

🚫Non-compliance with the Act can result in penalties and jail time.

📄Business owners can seek help from professionals to navigate the reporting requirements.

What is the Corporate Transparency Act?

—The Corporate Transparency Act is a law that requires small business owners to report information about owners and managers of their LLCs and S corporations.

What information needs to be reported?

—Owners and managers need to report their personal information, such as social security numbers and addresses.

What are the consequences of non-compliance?

—Failure to comply with the Act can result in penalties and even jail time.

Can I seek professional help to comply with the reporting requirements?

—Yes, business owners can consult professionals who can guide them in complying with the Act.

How can I ensure compliance with the Act?

—By understanding the reporting requirements and providing accurate and complete information.

00:00The Corporate Transparency Act requires small business owners to report information about owners and managers of LLCs and S corporations.

01:43Reporting requirements include substantial control and beneficial ownership of the entities.

02:28Owners and managers need to provide their personal information, such as social security numbers and addresses.

04:56Non-compliance with the Act can result in penalties and even jail time.

06:11Business owners can seek help from professionals to navigate the reporting requirements.