Corporate Transparency Act
Every entrepreneur with a limited liability company or corporation MUST take the time to learn about the Corporate Transparency Act (or CTA).
This new law, which becomes effective in January 2024, aims to enhance corporate transparency and combat financial crimes such as money laundering, terrorist financing, and other illicit activities by making it easier for the government to identify who owns and manages businesses in the United States. The CTA introduces substantial changes that may impact how your business conducts its operations, particularly with respect to reporting requirements and beneficial ownership disclosure.
Importantly, this law applies to all business in the United States regardless of the state of formation. There is no exception for small businesses, and the few exceptions that do apply are only relevant for entities that are already heavily regulated.
So it is very likely that you will need to comply with this new law.