Description

As of January 1, a New Federal Requirement will Impact Countless U.S. Small Businesses, Including Many Among Our Membership!

The Chamber is working to alert and inform our members. On Tuesday, February 20, Peter Murphy, Esq., a partner with Saul Ewing, LLP, will be providing a presentation on this Act and what it means for our business community.

8:30 a.m. | Doors Open + Registration + Networking
9:00 a.m. | Presentation Begins

What you need to know:

New requirements arising from the Corporate Transparency Act of 2019 took effect on Jan 1, 2024. If your small business is formed as an entity that meets the definition of a “Reporting Company” under the Act, your organization will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.

According to the Treasury Department, a Reporting Companies are defined as follows:

1. A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe ; or

2. A foreign company that is registered to do business in any U.S. state or Indian tribe by such a filing.

Substantial fines and penalties exist for failure to comply with the requirements of the Act.

Additional Resources:

Beneficial Ownership Information [U.S. Treasury Department, Financial Crimes Enforcement Network]

FACT SHEET: U.S. Department of the Treasury Actions to Prevent and Disrupt Corruption

Corporate Transparency Act Information [Saul Ewing Website]

What Every Small Business Needs to Know About the Corporate Transparency Act [U.S. Chamber article dated December 19, 2023]