In 2021 the US Congress (in all their wisdom) passed the Corporate Transparency Act and that law took effect on January 1, 2024. The law has implications for property owners, property managers, and small businesses generally so we wanted to update you on your obligations to make sure everybody is aware.
The Act requires almost all business entities (LLCs, LLPs, Corporations, etc.), both currently existing entities and future entities, to register information about the entity, who owns any share of at least 25% of the entity, and who controls the entity, with the Department of Treasury. Business entities established prior to January 1, 2024 will have until December 31, 2024 to register with the Department of Treasury. Business entities established on or after January 1, 2024 will have 90 days from formation to register with the Department of Treasury and, in addition to the information required above, will have to provide the information about the individuals who assisted in forming the entity.
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