Who is affected: Most Businesses
The Corporate Transparency Act (Act), passed as part of Secure 2.0 requires businesses to report the beneficial owners of the business. While there are a few exceptions, the rule, which is phasing in during 2024, impacts shareholders, partners and owners of regular corporations, S Corporations, partnerships and small businesses including LLC’s and sole proprietorships. It is important for any person that owns or is a shareholder of the above entities to determine how the law impacts them specifically. Information can be found on the Financial Crimes Enforcement Network https://www.fincen.gov/boi and an overview brochure can be viewed online here: https://www.fincen.gov/sites/default/files/shared/BOI%20Informational%20Brochure%20508C.pdf
Please note that it is the responsibility of each client to determine their reporting obligation under the law. Whitewater Group does not provide advice about the law or registration services under the Act. Businesses may self-register or use the services of an attorney (which we recommend) to meet the requirements of the Act. If our clients need a referral to an attorney, we will be happy to provide one.