Member Only Webinar: Corporate Transparency Act: Overview of New Reporting Requirement
McDermott Will & Emery LLP
The Corporate Transparency Act (passed on January 1, 2021) established a set of beneficial ownership reporting rules that go into effect for all reporting companies on January 1, 2024 that require compliance with certain disclosure rules. These rules will change the privacy landscape going forward once those reporting rules go into effect in 2024. Whether reporting companies are new reporting companies established after the 2024 effective date or pre-existing reporting companies, understanding how the reporting of individual beneficial owners (determined either via substantial control of the reporting company or via ownership or control of 25% of the reporting company’s interests) and company applicants operate and impact entities will be critical so that clients and their advisors can understand how to comply with the required reporting rules. This presentation will cover the rules and apply them to some practical examples involving structures family offices use. It will also note what family office clients are doing as well as provide an update on the most recent guidance that has been issued that impacts reporting considerations.
