Clearing Up the Corporate Transparency Act

In a new video series, members of Pillsbury’s multidisciplinary CTA task force decode the legislation’s complex beneficial ownership reporting requirements and their enforcement by the Financial Crimes Enforcement Network. Every entity doing business in the United States must soon determine how it will respond to the CTA’s disclosure requirements.

Questions covered in this series include: 

• What is the Corporate Transparency Act? 
• What entities are covered by the CTA?
• What entities are exempted from the CTA?
• Who is a company applicant?
• What is a FinCEN ID?
• What does a “beneficial owner” need to do?

What is the Corporate Transparency Act?
Partner Deborah Thoren-Peden provides an overview of the sweeping legislation, including requirements around timely updates, which agencies have access to disclosed information, and more. 

What entities are covered by the CTA?
Partner Megan Jones discusses the two types of reporting companies subject to the CTA, how they are defined and how the law applies to trusts. 

What entities are exempted from the CTA?
Senior counsel Brian Montgomery explains the types of entities that are subject to the 23 exemptions under the CTA, in addition to differences in how the exemptions apply to foreign and domestic entities. 

</p

Who is a company applicant?
Partner Bob Robbins explains how to determine which individuals qualify as a company applicant under the CTA, as well as sensitivities around appointing individuals as company applicants.

>

What is a FinCEN ID?
Partner Andrew Weiner discusses how to obtain a FinCEN identification number for reporting obligations under the CTA.

What does a “beneficial owner” need to do?
Brian Montgomery clarifies options for how to disclose personal information that a beneficial owner must report to FinCEN, as well as the importance of timely reporting for updated information.