Preparing for the Corporate Transparency Act

The Corporate Transparency Act (CTA) has the potential to significantly change the privacy landscape for family offices and other organizations. Passed on January 1, 2021, it established a set of beneficial ownership reporting rules that require compliance with certain disclosure rules regardless of whether “reporting companies” were established before or after the January 1, 2024, effective date. The CTA is targeted at small, privately-held business entities and requires the entities to report their “beneficial owners” and “applicants” to the Financial Crimes Enforcement Network (FinCEN). Established beneficial ownership reporting requirements that require compliance with certain disclosure rules regardless of whether “reporting companies” were established before or after the January 1, 2024, effective date.

This presentation will help explain the reporting requirements and provide practical examples involving commonly used structures.

Daniel J. Bell, Partner, McDermott Will & Emery LLP
Scott Muench, Managing Director, Core Membership, FOX