What is the Corporate Transparency Act?
The Corporate Transparency Act (“CTA”) went into effect on January 1, 2024. The law was passed with the intention of provide law enforcement with information about business owners and people in control of businesses. The information is used to detect, prevent, and punish terrorism, money laundering, and other misconduct through business entities. To accomplish this, almost all business entities (including corporations and LLCs) are now required to share and report certain information to the Financial Crimes Enforcement Network (FinCEN) and periodically update that information.
If you are a business owner, entrepreneur, member, shareholder, manager, or officer of either an LLC or a corporation, you are likely impacted by this new law. You are also likely impacted if you are the trustee or beneficiary of a trust that is a member of an LLC or a shareholder of a corporation.
Why is CTA Compliance Important?
The penalties for failing to comply with the CTA are severe. Violations can result in civil fines of up to $500 per day, criminal fines of up to $10,000, and imprisonment for up to two years. If your business existed before January 1, 2024, you must comply by December 31, 2024 or you may be subject to these penalties.
How We Can Help
We can only guarantee compliance by the December 31 deadline for clients who schedule and pay for their consultation before December 1, 2024. If you’d like our assistance, we recommend you get on our calendar as soon as possible to make sure that we have time to help you. We anticipate filling all our available appointment times as the end of the year approaches.
If would like to speak with our Client Coordinator to ask questions before continuing, please schedule an appointment using this link: Schedule an Appointment
If you’d like to learn more about the CTA, you can find more details here: The Corporate Transparency Act: What You Need to Know Now
Note: If you established your business entity must comply with the CTA within 90 days of filing. Businesses created after January 1, 2025, only have 30 days to comply. Proactive compliance is critical!
Our mission at Littleton Legal is to provide expert legal solutions and peace of mind for families and businesses who are planning for successful futures. If you’re working with Littleton Legal to establish your LLC or corporation, FinCen Registration and CTA Compliance services are included in the flat fee we charge for a new business entity. We’d love to help you with your LLC or corporation!
How Our Service Works
- Click the button below to Schedule a CTA Compliance Consultation with one of our Business Attorneys. This meeting will be held via phone or Zoom
- After you select a meeting time, you’ll be prompted to pay the flat fee of $695 for single member entities and $995 for multi-member entities or partnerships. (If you have multiple entities, additional discounts will be available for additional entities with the same members or shareholders.) The flat fee is paid up front and covers the entire registration questions. Remember, this pricing is only available for appointments booked by clients on this email list through December 1.
- You’ll receive an online questionnaire to complete, which will be reviewed by an attorney prior to the meeting.
- You’ll be asked to upload relevant legal documents (operating agreements, bylaws, shareholder agreements, trusts, etc.) to a secure portal at least 72 hours prior to your meeting. These will be reviewed by an attorney.
- During your meeting, an attorney will evaluate your business based on the information you provided, review whether any exemptions to CTA compliance apply, determine who qualifies as a “beneficial owner” of your entity, and decide what additional information is needed to file your report.
- Once you provide any additional information, we will file the required information with FinCen and ensure that your business is properly registered.
- We’ll send you confirmation for your records when the process is complete. Congrats on the peace of mind that you’ll have going into 2025 knowing that you’re compliant!
