Taylor A. Stockemer with Friday, Eldredge & Clark encourages members to review and analyze the Corporate Transparency Act that was designed to help fight financial crimes in this video.
Michael B. Crosby and Dalton B. Swindell with Quattlebaum, Grooms & Tull outline what the new Corporate Transparency Act means for your business in an article in The Arkansas Lawyer magazine.
“The Corporate Transparency Act (CTA) will lift the veil over previously undisclosed ownership information of business entities registered to do business in the United States as part of a congressional effort to curb illicit activity conducted through these corporate structures. Set to become effective January 1, 2024, the CTA will require the disclosure of personal information of those individuals considered “beneficial owners” of an entity, that is, individuals who either directly or indirectly 1) exercise substantial control over the entity or 2) hold at least 25% of a company’s equity interest. With millions of small businesses currently operating in the United States and millions more created yearly, the CTA will have a significant impact on how companies—and those who help create them—operate moving forward.”
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