Attention small business owners!
Starting January 1st, 2024, the Corporate Transparency Act takes effect, bringing a significant shift for both domestic and foreign entities and impacting over 30 million entities. This Act was passed to combat money laundering, terriorist financing, and other types of illegal activity.
If you've established an LLC for the sake of anonymity, beware - this Act may not work in your favor. If you have a corporation, an LLC, a limited partnership, or other similar type of enitity in the United States, you are subject to this Act.
To avoid potential penalties, including hefty fines and even jail time for violations, consider winding down and dissolving any unnecessary LLCs before the close of 2023.
Have questions or need assistance navigating this new law? Reach out to us! Our expertise can guide you through the process and help ensure compliance with the Corporate Transparency Act.