Belk On Business

Corporate Transparency Act – Belk on Business – Episode 183 In 2021 as part of the National Defense Corporation Act, the Corporate Transparency Act was enacted. Its intent was to protect national interest against money laundering and financing of terrorism. The objectives to help prevent the misuse of certain types of entities (namely LLCs, corporations and partnerships) by “bad actors” by collecting beneficial ownership information of any entity organized in the US and to create a database of the information in a manner that is useful. The BOI report (beneficial ownership information) is to be filed with the FINCEN (financial crimes enforcement network) which is part of the US Treasury Department by any reporting company. A reporting company is any company (namely LLCs, corporations and partnerships) that registers with a state’s secretary of state (or state equivalent) or a foreign company registered to do business in the US. Trusts are generally excluded from needing to file the report since they aren’t