Corporate Transparency Act is Upon Us!

New Reporting Requirements Under the Corporate Transparency Act

Are You Up to Date?

If you are a beneficial owner of an LLC or other domestic reporting company, this law will affect you.

What is the Corporate Transparency Act?

A law that directs a unit of the Department of Treasury (FinCEN) to gather information to create a database of beneficial owners of entities like LLCs. If you have formed an LLC to run your syndication the law applies to you.

What has to be reported?

Basically, the personal information of every “beneficial owner” (anyone with control or owning more than 25%) of the LLC has to be provided. The information required includes the beneficial owner’s full name, date of birth, complete current address, and a proof of identification.

When must a report be filed and who must file it?

  • For every LLC formed prior to 12/31/2023, which is still active, the report must be filed by December 31, 2024.
  • For every LLC formed after 1/1/2024, the report must be filed in 90 days.
  • For every LLC formed after 1/1/2025, the report must be filed in 30 days.

You will need to file the report.

What will you get from FinCEN?

You may be assigned a code (similar to a Driver’s License or EIN number) which you can use to file with FinCEN all of your LLCs formed in the past and in the future. See page 38 of FinCEN’s Small Entity Compliance Guide.

Other comments:

The official form is now available on FINCENs website. We have checked with National Registered Agents (NRAI), the firm many of our clients use as their registered agent, and they did not have a report at the time we reached out (prior to 1/1/2024) but we think they may communicate with each of their clients regarding this.

Here are a list of links you may find useful:

The Corporate Transparency Act (CTA) | IACA


FinCEN’s Small Entity Compliance Guide

An Introduction to Beneficial Ownership Information Reporting Requirements – YouTube

Learn More about Beneficial Ownership Information Reporting Requirements (

The Corporate Transparency Act: Deniers Beware (

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