January 2024 Newsletter
From The Certified Elder Law Attorney's Desk:
William W. “Bill” Erhart
The Federal Government Imposes New Small Business Reporting Requirements for 2024
Small business owners will have yet one more thing on their to-do list now the Corporate Transparency Act (CTA) is in effect. Around 30 million small businesses will be impacted by the law, which establishes a federal database of the reporting companies that will be accessible to certain authorities and organizations.
To counter the risks allegedly posed by anonymous shell companies, the CTA creates a national registry that contains information about business entities.
Effective January 1, 2024, the CTA requires that certain businesses disclose to the Federal government information about the company, its beneficial owners and the company applicant.
Any company with twenty or fewer employees formed by filing paperwork with the Secretary of State or equivalent...