By: Katelyn J. Dougherty, Esq.

Under the Corporate Transparency Act (CTA), companies are required to report information about individuals with substantial control over their activities, termed as beneficial owners, to the Financial Crimes Enforcement Network (FinCEN). As this new regulation becomes effective on January 1, 2024, are you and your business prepared? We’ve shared the handy checklist below to assist you in tackling the task!

• Organization Information
  • Legal Name of the Organization: Ensure the full legal name is accurate.
  • DBA (Doing Business As) Names: List any alternate names the business operates under.
  • State of Formation or Registration: Indicate the state where the organization was legally formed or registered.
  • Tax Identification Number (TIN): Include the organization’s TIN for identification purposes.
• Beneficial Owner(s) Information
  • Full Legal Names: Provide the complete legal names of all beneficial owners.
  • Dates of Birth: Record the birth dates of each beneficial owner.
  • Residential Addresses: List the current residential addresses of all beneficial owners.
  • Identification Documentation: Attach images of valid government-issued IDs for each beneficial owner (e.g., passports, driver’s licenses).
• Additional Requirements
  • Form Accuracy Confirmation: Double-check that all information entered in the form is accurate and current.
  • Signature: Ensure the form is signed by an authorized representative of the organization.
  • Contact Information: Include contact details for follow-up or verification purposes.
  • Supporting Documentation: Attach any additional documents that may be required or helpful for verification.
• Post-Submission
  • Submission Confirmation: Obtain a confirmation of submission from FinCEN
  • Record Keeping: Keep a copy of the submitted form and all supporting documents for your records.
  • Updates and Amendments: Be prepared to update any information if there are changes in beneficial ownership or other pertinent details.

Disclaimer: This checklist is a general guide and may need to be adjusted based on specific requirements or updates in the CTA regulations. Always refer to the latest guidelines provided by FinCEN and seek advice from legal professionals for compliance.

Don’t have a business attorney? Get in touch with our team by emailing Info@harbourbusinesslaw.com.

This Blog was written by Founding Attorney, Katelyn Dougherty.

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