Index

Click on a link below to jump to the corresponding paragraph in the blog.

PART I - INTRODUCTION

What is “CTA Academy” and who is it intended for?

What is the Corporate Transparency Act and why should I care?

What can happen if I don’t file my required BOI Reports or such reports don’t contain the required information?

Is the CTA unconstitutional and invalid?

Who will have access to the information contained in my BOI Reports?

Do I need an attorney or accountant to prepare and file my FinCEN Beneficial Ownership Information Reports?

How do I avoid scams related to CTA compliance?

PART II – WHAT COMPANIES MUST COMPLY WITH THE CTA?

What companies are required to file BOI Reports?

Are sole proprietorships, general partnerships and trusts Reporting Companies that are required to file BOI Reports?

What types of companies are exempt from the CTA reporting requirements?

What is an exempt “Large Operating Company?”

When are Subsidiaries of Exempt Entities also themselves exempt?

What is an “Inactive Entity?”

Is a homeowner association (HOA) exempt from the CTA reporting requirements?

PART III – WHEN MUST A REPORTING COMPANY FILE A BOI REPORT?

When must a Reporting Company file its initial BOI Report?

What is “actual or public notice” of creation or registration of an entity that begins the 90 or 30 day period for filing an initial BOI Report?

What if a Reporting Company becomes exempt or a previously exempt company loses such exemption?

When must a Reporting Company update a previously filed BOI Report?

When must a Reporting Company correct a previously filed BOI Report?

PART IV – HOW TO FILE A BOI REPORT AND WHAT INFORMATION MUST BE INCLUDED?

How do I file my BOI Report with FinCEN?

What information must be contained in a company’s BOI Report?

PART V – DETERMINING A COMPANY’S BENEFICIAL OWNERS

Who are the Beneficial Owners that must be reported in a BOI Report?

What constitutes “Substantial Control” resulting in Beneficial Owner status?

Who is an “Important Decision-Maker” resulting in Substantial Control?

What if an employee of the Reporting Company (other than a Senior Officer or equity owner in the Reporting Company) exercises Substantial Control over the Reporting Company?

What constitutes an “Ownership Interest” in determining Beneficial Owner status?

How do I calculate who holds Ownership Interests of 25% or more of the Reporting Company?

What if a parent company owns or controls 25% or more of the Reporting Company’s Ownership Interests?

What if an Exempt Entity owns or controls at least 25% of the Ownership Interests in a Reporting Company?

What if a trust owns or controls at least 25% of the Ownership Interests in a Reporting Company?

What about community property and joint ownership – are spouses with community property interests and other joint owners also Beneficial Owners?

What if a minor would be a Beneficial Owner?

What if a nominee, intermediary, custodian or agent would be a Beneficial Owner?

What if a creditor of the Reporting Company would be a Beneficial Owner?

PART VI – WHO ARE COMPANY APPLICANTS WHO MUST BE REPORTED?

Which Reporting Companies must include information regarding their Company Applicants?

Who is a Company Applicant?

PART VII – FINCEN IDENTIFIERS

What is a FinCEN Identifier and how do I obtain one?

When must a recipient of a FinCEN Identifier update information provided to obtain the FinCEN Identifier?

When must a recipient of a FinCEN Identifier correct information previously provided to obtain a FinCEN Identifier?

When can a Reporting Company report another entity’s FinCEN Identifier and full legal name instead of information about its Beneficial Owners?

PART VIII – MISCELLANEOUS TOPICS

What should a Reporting Company do upon dissolution or termination?

Is a Reporting Company responsible if a Beneficial Owner or Company Applicant fails to supply the required information for a BOI Report?

What should a Reporting Company do if ownership of the company is in dispute?

PART IX – WHERE TO FIND FURTHER INFORMATION

DISCLAIMERS AND NOTICES

ABOUT THE AUTHOR

ATTORNEY ASSISTANCE