"Preparing for the Corporate Transparency Act," ALI CLE

On June 21, Jonathan Wilson joined ALI CLE for a webinar discussing, "Preparing for the Corporate Transparency Act."

The Corporate Transparency Act (CTA) is going to dramatically change the way that founders and investors in privately-held companies interact with each other. The CTA, once implemented, will require roughly 25 million U.S. companies to file a beneficial ownership report with FinCEN, the Financial Crimes Enforcement Network of the U.S. Treasury. 

The 60-minute webcast provided insight into:

• The categories of personally-identifiable information (PII) required for each of the company’s “company applicants” and “beneficial owners.”
• Understanding who is a “company applicant”
• Understanding who is a “beneficial owner”
• How does “substantial control” of the reporting company relate to an individual’s status as a “beneficial owner”
• What are the 23 categories of companies that are exempt from filing a beneficial ownership report
• When is a company required to file its first beneficial ownership report?
• When is a company required to amend its beneficial ownership report?