Marshall Melhorn attorney Craig Burns recently led a webinar, Lifting the Veil: Beneficial Ownership Disclosure and the End of Corporate Privacy. He discussed corporate privacy in the United States today, the Corporate Transparency Act, and privacy concerns. This webinar was sponsored by the Toledo Bar Association and provided 1.0 hours of Ohio CLE credit for participants.
On Januray 1, 2021, Congress passed the National Defense Authorization Act for Fiscal Year 2021, which includes the Corporate Transparency Act (CTA). The CTA requires all U.S. businesses (unless exempt) to file "beneficial ownership" information with the Financial Crimes Enforcement Network (FinCEN). In theory, the CTA will prevent anonymous shell companies from being used for money laundering and other illicit activities. In practice, it erodes corporate privacy in America. It will affect, at least in a small way, every corporation and limited liability company.
This webinar covered:
- Corporate Privacy in the United States today
- Corporate Transparency Act
- Who must report, and when
- Who is exempt
- Penalties for noncompliance
- Privacy concerns
Mr. Burns is a member of the firm's Business Law practice group. He helps businesses resolve many of the common and extraordinary legal issues they face.