On January 1, 2021, the National Defense Authorization Act for Fiscal Year 2021 (the “Defense Bill”) was enacted into law. This Defense Bill contained the Corporate Transparency Act (the “Act”). The Act is designed to collect beneficial ownership information for Reporting Companies for several specific reasons including, but not limited to:
- Protecting the United States’ national security interest
- Protecting interstate and foreign commerce
- Assisting critical national security, intelligence, and law enforcement efforts to counter money laundering, financing of terrorism, and other illegal activities.
What is a Reporting Company?
Generally, an entity is considered a Reporting Company if it is:
Continue Reading The Corporate Transparency Act: What Does it Mean for Your Small Business