The Corporate Transparency Act is federal legislation which was enacted in 2021 to address the use of somewhat anonymous corporate structures to commit money laundering and other similar financial crimes. The Corporate Transparency Act requires that domestic reporting companies, meaning a corporate entity, LLC, or similar entity, which is created by the filing of a document with the Secretary of State, submit information to the federal government regarding the beneficial owner of the corporate entity (i.e., the person who has substantial control or at least 25% ownership interest in the corporate entity).
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