Beginning January 1, 2024, the US Corporate Transparency Act (“CTA”) will require “reporting companies” to submit a report to the Financial Crimes Enforcement Network (“FinCEN”) containing personal information about the reporting company’s “beneficial owners.”  

Reporting companies formed before January 1, 2024, will have until January 1, 2025, to file their initial report with FinCEN.  

Reporting companies formed on or after January 1, 2024, must file an initial report within 90 days of the company’s formation.  

Willful failure to report may result in financial penalties as further outlined below. 

WHAT INFORMATION MUST “REPORTING COMPANIES” PROVIDE? 

Only “reporting companies” are subject to the CTA’s reporting requirements.  

A “reporting company” includes (1) any corporation, LLC, limited partnership or similar entity