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Understanding the Beneficial Ownership Information Reporting Rule

LexBlog IP

Understanding the Beneficial Ownership Information Reporting Rule by Josh Slovin The New Beneficial Ownership Reporting Rule: A Step towards Greater Transparency in US Businesses Privately-owned companies in the United States have long enjoyed a great degree of privacy about their internal affairs, particularly as to the identities of their owners.

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Corporate transparency act

Olartemoure Blog

The Financial Crimes Enforcement Network (FinCEN) has initiated the collection of beneficial ownership reports pursuant to the Corporate Transparency Act (CTA). The beneficial ownership reports are a mechanism aimed at reinforcing corporate transparency and addressing opaque financial practices.

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Corporate Transparency Act (CTA)

LexBlog IP

Treasury’s Financial Crimes Enforcement Network (FinCEN) under the broad provisions of the Anti-Money Laundering Act of 2020, aims to set forth fresh reporting obligations for corporations pertaining to their beneficial ownership and organizers— though it is essential to bear in mind that some exceptions are in place.

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What Business Owners Need to Know About the Corporate Transparency Act

LexBlog IP

CTA defines a beneficial owner as an individual who, directly or indirectly, either (1) exercises substantial control over a Reporting Company or (2) owns or controls at least 25% of the ownership interests of a Reporting Company. What is Considered an Ownership Interest? What is Substantial Control? When do I Need to Report By?

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Important Notice Regarding the Corporate Transparency Act Filing Requirements

The IP Law Blog

In addition to the Reporting Company’s information, the CTA Report must also include the specified personal information of the Reporting Company’s ownership, each referred to as a “Beneficial Owner”. This information includes the full company name, any trade names or DBAs, principal address, and IRS taxpayer identification number.

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The Corporate Transparency Act (Part 1): An Overview

LexBlog IP

Any entity that qualifies as a domestic or foreign reporting company must file “beneficial ownership reports” with FinCEN, unless specifically excluded under one of the enumerated exemptions. The CTA specifically exempts 23 categories of companies that would otherwise be required to file beneficial ownership reports.

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The Corporate Transparency Act (Part 3): Reporting Requirements

LexBlog IP

If an exempt entity has an ownership interest in a reporting company and an individual is a Beneficial Owner of the reporting company exclusively by the individual’s ownership interest in the exempt entity, the BOI report can include the name of the exempt entity in place of the information required for the Beneficial Owner.