If your company was formed after January 1st, 2024, you have 30 days to file your BOIR. If your company was formed before January 1st, 2024, you have until December 31st, 2024, to file your BOIR. Get ready for the CTA with Agile Legal.
The Corporate Transparency Act is a law passed on January 1st, 2021, by the US Congress to remove any anonymity in business ownership, a practice seen to allow illegal financial dealings and money laundering to occur. It took effect on January 1st, 2024.
Yes. Agile Legal can prepare and file your company’s BOIR. We also offer several other services to help you stay in compliance with the CTA. Order our CTA services today.
There are 23 exemptions that would remove your business’ requirement to file. Agile Legal offers exemption analysis services to find out if your entity falls under any of these exemptions. Order our CTA services today.
A reporting company is any business or entity that is subject to the reporting requirements put forth by the Exchange Act.
A beneficial owner is the owner(s), decision maker(s), and anyone with substantial control over the company. Contact us today for assistance identifying your company’s beneficial owner.
You must submit the name, birth date, address, and photographic proof of ID of the beneficial owner(s). The reporting company’s information must also be provided. You can read more about the CTA requirements in our blog article.
Non-exempt companies must submit a Beneficial Ownership Information Report (BOIR) to FinCEN. Any business that existed before January 1st, 2024, has until December 31st, 2024 to file their BOIR. Any business that was created after January 1st, 2024, has 90 days from the date of creation to file their BOIR. This will drop to 30 days in 2025.
A person who possesses significant influence and decision-making ability in the company qualifies as a person with substantial control . Substantial control refers to 25% interest or more in a company. Significant control can be based on both control over the business (such as directors and officers) or interest (25% shares). Agile Legal can help you identify your substantial owners and get your information organized for the CTA. Contact us today for assistance identifying your company’s beneficial owner.
Whenever your beneficial owner changes personal information, you must resubmit your BOIR with the updated information within 30 days of the change. Read more about the CTA in our blog article.
Yes. All companies located in U.S. territories, such as Puerto Rico and the Virgin Islands, are also subject to the CTA. Contact us today if you have further questions about the CTA.
Government agencies and law enforcement will have access to the information contained in a BOIR, only after their request is vetted by FinCEN. The information will not be accessible by the public.