{4 minutes to read} Are you a business owner wondering whether, now that January 1, 2024, has come and gone, you will have to comply with the Corporate Transparency Act? My name is Katherine Taylor, and I'm the lawyer for business owners. In this video, I'm going to let you know the three groups of people that are required to comply with the Corporate Transparency Act. In a prior video, I explained what the Corporate Transparency Act is. So, if you want to go back to that video to look at what the Corporate Transparency Act is all about, please do, and then come back to this one to find out whether you must comply. Generally, there are three groups of people, or entities, that are required to comply with the Corporate Transparency Act, which is a federal law that went into existence and became effective on January 1, 2024. The three groups are as follows:

1. Reporting Company: A Reporting Company is essentially any small business already formed or to be formed in the United States. There are estimated to be millions of companies that will be required to comply with the Corporate Transparency Act, so if you own a small business, you are probably going to have to comply. 

2. Beneficial Owners: Any person who is considered to be a Beneficial Owner of a small company that is a Reporting Company is going to have to provide their information to the Reporting Company so that they can report that information to FinCEN. (As I explained in the prior video, FinCEN is a government agency. It is a branch of the Treasury Department that is going to be enforcing the Corporate Transparency Act.)

3. Company Applicant: The Company Applicant is any person who files or registers the information, usually online, with any state to form an entity. The Company Applicant includes the person who inputs that information into the Secretary of State database for your state, and also any person who controls or directs that person entering that information. 

Each of those people will have to report certain information to FinCEN. The type of information required, and the timing of that filing are going to depend on several factors, which I won't get into in this video, but those factors include when the entity was formed. 

In addition to this video, I'm going to provide three other separate videos:

1. For the Reporting Company.

2. For the Beneficial Owner. 

3. For the Company Applicant.

If you fall within one of those categories or one or more of those categories, you can review these videos to determine whether you're going to have to comply, whether you are going to have to get information from someone else, and when you're going to have to comply. 

In addition, I have a couple of resources for you listed below: 

•A summary we prepared that we hope synthesizes and simplifies the entire Corporate Transparency Act. 

•A link to FinCEN's Small Business Guide: https://www.fincen.gov/sites/default/files/shared/BOI_Small_Compliance_Guide.v1.1-FINAL.pdf

•A link to FinCEN's website, where you can register for updates: https://www.fincen.gov/boi

•The website of a law firm with whom I'm collaborating to create an entire resource for small businesses to comply with the Corporate Transparency Act: https://askfrost.com/beneficial-ownership-information-boi-filing

So, download what you need, and then watch my further videos to determine more specifics about when and how you should comply with the Corporate Transparency Act.