On January 1, 2024, the federal Corporate Transparency Act (“the CTA”) went into effect mandating that “reporting companies,” which include most corporations and limited liability companies disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The law was challenged in multiple jurisdictions and found unconstitutional by one court in early 2024. Most recently, … Read more
Previously, we published a blog post informing readers of the new federal Corporate Transparency Act (“the CTA”) and similar New York state law requiring all corporations and limited liability companies, inter alia, to disclose their beneficial owners. Under the CTA, the disclosures must be made to the Financial Crimes Enforcement Network (FinCEN). Since publication of … Read more
The federal government recently passed a law requiring most companies to disclose their beneficial owners. The chief purpose of the statute is to prevent financial crimes. By mandating such disclosure, the Corporate Transparency Act (the “Act”) makes it difficult for individuals to conceal illegal activities using shell companies. New York State has also enacted its … Read more