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.
Benefits Of Being Compliant With Corporate Transparency Act Compliance In FL
Our Florida Corporate Transparency Act compliance lawyers know that compliance with the Corporate Transparency Act (CTA) in Florida brings numerous advantages to businesses, enhancing their credibility, financial stability, and operational efficiency. This legislation, designed to combat illicit financial activities, requires corporations to disclose their beneficial ownership information, fostering a culture of transparency and accountability. Attorney Brandon Mourges is one of the founding partners of Crepeau Mourges and has the knowledge and understanding to help you and your business.
Enhancing Business Credibility
Compliance with the Corporate Transparency Act significantly enhances a business’s credibility. By transparently disclosing beneficial ownership information, companies demonstrate their commitment to ethical practices and legal standards. This transparency builds trust among stakeholders, including investors, clients, and regulatory authorities. In Florida, where the business environment is highly competitive, maintaining a reputation for integrity and transparency can set your company apart, attracting more business opportunities and fostering long-term relationships.
Reducing Legal And Financial Risks
Our Corporate Transparency Act compliance lawyers in Florida know that being compliant with CTA helps businesses in Florida mitigate legal and financial risks. Non-compliance can lead to severe penalties, including substantial fines and potential criminal charges. By adhering to the CTA requirements, companies can avoid these legal pitfalls and protect themselves from costly litigation. Furthermore, transparent reporting reduces the risk of being associated with illegal activities such as money laundering and terrorism financing, which can have dire consequences for a business’s reputation and financial stability.
Facilitating Access To Financial Services
Compliance with the Corporate Transparency Act can improve a company’s access to financial services. Financial institutions are increasingly scrutinizing businesses for compliance with transparency regulations before granting loans, opening accounts, or providing other financial services. By meeting the CTA requirements, businesses demonstrate their legitimacy and reduce the perceived risk for banks and other financial entities. This can lead to more favorable terms, lower interest rates, and enhanced financial support for business growth and expansion.
Streamlining Regulatory Compliance
Adhering to the CTA can streamline a company’s overall regulatory compliance efforts. By maintaining accurate and up-to-date records of beneficial ownership, businesses can more easily meet other regulatory requirements and respond to inquiries from authorities. This proactive approach to compliance can reduce administrative burdens and free up resources for more strategic business activities. In Florida, where businesses must navigate a complex regulatory landscape, streamlined compliance can lead to more efficient operations and reduced costs.
Promoting Corporate Governance
Compliance with the Corporate Transparency Act promotes better corporate governance within an organization. Clear identification of beneficial owners ensures that all stakeholders are aware of who holds significant control and influence over the company. This transparency helps prevent conflicts of interest, reduces the potential for internal fraud, and promotes accountability among executives and board members. Strong corporate governance practices are crucial for attracting investment and maintaining a stable, ethical business environment.
Getting Help When You Need It
Ensuring compliance with the Corporate Transparency Act in Florida is essential for your business’s credibility, legal standing, and financial health. At Crepeau Mourges, we are committed to helping you navigate the complexities of CTA compliance, providing expert guidance and support. Contact us today to learn how we can assist you in achieving full compliance and leveraging the benefits it brings to your business. Together, we can build a transparent, trustworthy, and successful future for your company. For more information on the services we offer, we have a variety of podcasts that our clients can listen to. Speak with our Florida Corporate Transparency Act compliance lawyers now.