In January a new law became effective that may have an impact on starting a new corporation or LLC. Although this probably won’t affect my clients, I thought it would be good to get it out there.
From The Law Review: On January 1, 2021, Congress passed the National Defense Authorization Act for Fiscal Year 2021, which includes the Corporate Transparency Act (the CTA). The CTA requires all U.S. businesses to file “beneficial ownership” information with the Financial Crimes Enforcement Network (FinCEN). In sum, the CTA is designed to ban the anonymous shell companies that criminals and certain foreign officials use to hide and move corrupt proceeds and other illicit financing.
Check our these other articles:
National Law Review Article on the new law.
HR 2513 from Congress
The one below is lengthy from the American Bar Association, Business Law Today:
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