Corporate Transparency Act Information
There is a new federal law, the Corporate Transparency Act (“CTA”), that requires most companies to file a report with the federal government providing information about its owners or persons who control the company. The law imposes significant fines if the companies do not file this report by December 31, 2024 (or sooner if the company was formed in 2024).
Generally, to file the report, the company must provide the company’s name and EIN (or tax identification number) and the name, date of birth, address, and a copy of a driver’s license for each beneficial owner (a person owning at least 25% of the company or who otherwise exercises substantial control over it). For companies formed in 2024, the same information must also be provided about the company applicant (the person who submitted the documents to form the company with the Secretary of State).
You do not need to hire a lawyer or other person to file this report, which can be done online by clicking this link: fincen.gov/boi and following the directions on the website. If our firm set up your company with the Missouri Secretary of State, please let us know if you need our information for the “company applicant” section.
You can also get assistance with the filing through most accounting firms, many of which offer assistance for as little as $250.
If, however, you would like our assistance, our firm has developed the RSB CTA Filing Procedure to file the report on your behalf through December 31, 2024, because so many clients have inquired about this new law. Our streamlined procedure is appropriate for 1-owner or 2-owner LLCs or corporations. If you own a company with more than two owners, with a President or Manager who is not an owner, or there are any other questions or complications you’d like to discuss, we recommend you make an appointment with our firm by calling us at 573/642-7661.
RSB CTA Filing Procedure
INFORMATION:
For a 1-owner or 2-owner LLCs or corporations (sole proprietorships do not need to file), you can send us an email to [email protected] and provide the following information or come into the office and drop this information off in person:
- Company Name
- Company trade name or DBA
- Company Tax Identification Number, such as EIN*
- Name of the Owner(s)
- Address of the Owner(s)
- Date of Birth of the Owner(s)
- A picture, scan, or copy of each Owner’s driver’s license: [ATTACH IMAGE OF FRONT AND BACK OF DRIVERS LICENSE OR BRING IN YOUR CARD]**
*If your company does not have a separate tax identification number (or EIN), then it most likely uses your social security number, which you can provide to us by phone or in person to protect your privacy.
**If your company was formed in 2024 and we did not establish the company for you with the Secretary of State, we will contact you for information about the company applicant.
FEE:
We are charging a fee of $250 for each entity that we register. You can pay online through this link, https://secure.lawpay.com/pages/rsblaw/trust. Please put your company name(s) and “CTA” in the “Reference” field. You may also pay in person at our office.
FILING:
We will then file the report on your behalf and send you confirmation of the filing by email. You will need to file a new report yourself or contact us if there are any changes to your business that need to be reported.
Conclusion
We simply wanted to provide you with information about this law and as many options as possible to comply with it. If we do not hear from you by December 1, 2024, we will assume you do not need our assistance with the CTA registration, but we will be glad to provide any other legal assistance you may require in the future.
More information about the CTA requirement can be found at the website for filing these reports, fincen.gov/boi.