The Corporate Transparency Act, which took effect on January 1, 2024, requires many legal entities to report their beneficial owners and other information to FinCEN. In December, New York passed a law requiring LLCs to report similar information to its Department of State. The New York law will make certain beneficial owner information public, introducing privacy concerns not present with the CTA.
Read MoreThe newly-passed Corporate Transparency Act will require many small businesses and real estate investment to disclose their beneficial owners.
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