The Corporate Transparency Act
The Corporate Transparency Act
(31 CFR 1010.380) *
(31 CFR 1010.380) *
filter_1What is it?
The Corporate Transparency Act represents the culmination of more than a decade of congressional efforts to implement beneficial ownership reporting for business entities. It is fully implemented now. It has created a database of beneficial ownership information within the US Financial Crimes Enforcement Network (FINCen).
filter_2Who does this apply to?
If you control or own, or even lend money to an LLC, for profit corporation, Limited Partnership, LLP, LLLP, or Statutory trust, you are obligated to file an annual report with FINCEN (US Financial Crimes Enforcement Network). This is required by your company and its owners.
filter_3When does this law start?
The Corporate Transparency Act was passed in 2021 primarily to combat money laundering and terrorism. Bad actors – people who are engaged in money laundering and other illicit activities – don't do it in their own name. They do it through LLCs, corporations, and other similar entities. As of January 1, 2024, all business entities will be required to strictly adhere to and comply with the CTA.
Use Veil's Beneficial Ownership Platform for fast and accurate BOI filings
Use Veil's Beneficial Ownership Platform for fast and accurate BOI filings
Easy to Use
Reduce confusion using our guided five-step filing process
Efficient Filing
The fast and automated filing process saves hours on each filing
Secure Process
Safeguard your personal information (PII) using our robust security protocols
Reduced Risk
Remove the threat of harsh civil and criminal penalties for non-compliance
When you renew your Registered Agent service with Veil, you can also take care of your FINCen filing:
When you renew your Registered Agent service with Veil, you can also take care of your FINCen filing:
Easy collection of beneficial ownership information in our online information forms.
Preparation and submission of your filings to save you up to 3 hours per report.*
You receive proof the initial filing has been completed. Easy!
The result is you spend more time focused on your core business operations and less time worrying about government filing requirements.
*FinCEN estimates reading and completing the Beneficial Ownership Information Report can take up to three hours per entity.
* The information contained on this page is intended to help small entities comply with the beneficial ownership information reporting rule promulgated by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This page is explanatory only and does not supplement or modify any obligations imposed by statute or regulation. Additionally, this page does not supersede more recent guidance documents issued by FinCEN. For additional information, consult The Reporting Rule, which implements Section 6403 of the Corporate Transparency Act. The rule describes who must file BOI reports, what information they must provide, and when they must file the reports. The Reporting Rule is found at 1010.380 in title 31 of the Code of Federal Regulations (CFR).
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