Corporate Transparency Act Practical Considerations: Board of Directors or Managers

The Corporate Transparency Act (CTA) requires US corporations, limited liability companies and statutory partnerships to file a beneficial ownership information (BOI) report with the US Financial Crimes Enforcement Network (FinCEN), unless an exemption applies.  Whether a director or manager meets the criteria of a reportable “beneficial owner” as that term is defined in the CTA Final Regulations is a question the reporting company must consider on a director-by-director or manager-by-manager basis. A reporting company’s BOI report must be true, complete and correct or penalties apply. Download