Forming a new business, don't forget to disclose your beneficial owners

Sometime in 2022, the Corporate Transparency Act will become effective upon publication of the final regulations. This means that most business types will have to disclose their beneficial owners to the United States Treasury’s Financial Crimes Enforcement Network (“FinCEN”).

While businesses that existed before the CTA becomes effective will have up to 2 years to make that disclosure, new businesses are supposed to make that disclosure at the same time they are formed.

Photo courtesy Orange County Archives (CC BY 2.0)