Understanding the 2024 Corporate Transparency Act: What Real Estate Investors Need to Know

💼The Corporate Transparency Act outlines reporting requirements for entities in the US.

📋Real estate investors may be required to disclose beneficial ownership information.

🔒The information will not be publicly available but may be disclosed to law enforcement and financial institutions.

⏰Existing entities formed before Jan 1, 2024, have one year to file, while new entities must file within 30 days of formation.

✍️Amendments must be filed within 30 days of any changes to the reported information.

What is the Corporate Transparency Act?

—The Corporate Transparency Act requires entities in the US to disclose beneficial ownership information.

Who is affected by the Corporate Transparency Act?

—Entities formed or registered in the US, including real estate investors, may be required to disclose beneficial ownership information.

What information needs to be reported?

—Reporting companies must disclose their own information and the information of all beneficial owners, including names, addresses, and identification numbers.

Will the reported information be publicly available?

—No, the information will not be publicly available but may be disclosed to law enforcement and financial institutions.

What are the deadlines for filing the reports?

—Existing entities formed before Jan 1, 2024, have one year to file their initial report, while new entities must file within 30 days of formation.

00:00Introduction and importance of the 2024 Corporate Transparency Act for real estate investors.

07:55Explanation of reporting requirements and exemptions for entities formed or registered in the US.

10:32Details about the initial report and amendment filing deadlines.