As a start-up or small-to-midsized business owner, you have a lot on your plate. From setting up the right business structure to ensuring that each business activity, contract, and transaction is compliant with Florida and federal laws, there’s a lot of room for error. Working with a corporate attorney can help you navigate government regulations, especially regarding the reporting and other requirements of the Corporate Transparency Act (CTA), which went into effect in January 2021.
The purpose of the CTA is to improve the transparency of U.S. corporations, including LLCs, PLLCs, and other business types. The CTA is overseen by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, or FinCEN, and all reporting is to the FinCEN. Many lawmakers and those in government believe that the lack of corporate transparency prior to 2021 facilitated illegal and illicit activity, including money laundering, fraud, and funding terrorist organizations. As a business owner, you may have certain business structures put in place to protect your financial interests and privacy, but even though your activities may all be above board, you must still submit certain reports.
We can help. The Florida Corporate Transparency Act compliance lawyers from Crepeau Mourges have in-depth knowledge about the CTA requirements and can help you remain compliant with the new law.
The Corporate Transparency Act – Who Needs To File A Compliance Report?
The Corporate Transparency Act aims to reduce illegal acts by providing information about beneficial owners in certain businesses. Any LLC, corporation, or other entity created by filing a document with their state’s Secretary of State (or similar office) under the state’s laws must file the Beneficial Ownership Information (BOI) report unless it meets the criteria for an exemption. Currently, 23 types of businesses are exempt from the CTA’s BOI report.
The non-exempt business entities are referred to as “domestic reporting companies.” Knowing which category your business falls in can be complicated. People with interests in several types of businesses may have an even knottier problem to unravel. That’s where we come in.
How Can Florida Corporate Transparency Act Compliance Lawyers Help Me?
We can help you understand what category your business falls in and your obligations regarding the U.S. Treasury and the FinCEN. We can help you develop new policies and procedures for your business, keeping you within the bounds of the CTA. We can also compile the report for FinCEN on your behalf and submit it within the deadline so your business avoids stiff penalties.
You may also need to file updated reports if your beneficial ownership interests or business model changes. We keep up-to-date on any changes to the CTA that could affect your business and give advice accordingly.
Ensure Compliance With Our CTA Advice
The penalties for non-compliance with the CTA can be steep, including a possible investigation from the U.S. Treasury Department. At Crepeau Mourges, we take your business success seriously. We’re in unchartered territory with the CTA, and it’s our goal to ensure that our clients remain compliant with the new laws now and as their business structure changes. Contact us today to learn why you need Florida Corporate Transparency Act compliance lawyers in your corner.