Has Your Business Complied?
The Corporate Transparency Act (CTA) now requires most businesses to report information about their owners to the Financial Crimes Enforcement Network (FinCEN). This new law helps law enforcement fight terrorism, money laundering, and other illegal activities.
Does this apply to you?
If you own or manage a corporation or LLC, or if you’re a trustee or beneficiary of a trust involved in a business, you’re likely affected.
Don’t miss the deadline!
Businesses formed before January 1, 2024 must comply by December 31, 2024. Newer businesses have even shorter deadlines.
Littleton Legal can help. We make CTA compliance simple and stress-free.
What Happens If I Don't Comply?
The civil and criminal penalties for failure to comply with the CTA are severe. Consequences could include:
- Civil Fines of up to $500 per day
- Criminal Fines of up to $10,000
- Imprisonment for up to Two Years
To ensure that the owners and managers of your business aren’t subject to these penalties, your business must comply with the new law by December 31, 2024. New companies formed after January 1, 2025, only have 30 days to register with FinCen to comply with the law.
Business owners and managers don’t have time to worry about complying with the CTA when they’re focused on running their company. Littleton Legal’s licensed business attorneys are experts in Corporate Transparency Act compliance and are here to help you avoid violating the law.
What is the Cost?
Compliance with new federal regulations can be time consuming and complicated. Littleton Legal offers a simple solution for a flat fee price to make sure that your company complies with the Corporate Transparency Act and properly registers with FinCEN.
Pricing:
Companies with One Member, Shareholder, or Owner: $695
Companies with Multiple Members, Shareholders, or Owners: $995
What Is Included in the Flat Fee?
- Attorney Consultation: Receive personalized guidance in a 30-minute consultation with an experienced business attorney who is an expert in CTA compliance.
- Legal Document Review: Prior to the call, the attorney will review detailed information that you provide about your business, relevant company documents and agreements, and estate planning documents.
- “Beneficial Owner” Determination: During the call, the attorney will determine your “beneficial owners” as defined by the CTA.
- Complete FinCEN Registration: After the call, Littleton Legal will register your business with FinCEN to ensure CTA Compliance and confirm with you that the process is complete.
How Our Process Works
We follow a simple 6-Step Process to help your business comply with the CTA:
- Schedule a CTA Compliance Consultation with one of our Business Attorneys. This meeting will be held via phone.
- Pay the flat fee within 72 hours of receiving the payment link. The fee is paid upfront and covers the entire registration process. (If you have multiple entities, additional discounts will be available for additional entities with the same members or shareholders.)
- You’ll receive a link to an online questionnaire. Complete the questionnaire and upload requested legal documents to a secure portal within 72 hours of receiving the link. An attorney will review the information prior to the meeting.
- During your phone call, 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 knowing that you’re compliant!
Frequently Asked Questions
Maybe. You’re not required by the CTA to hire an attorney to help you, but the process requires a legal analysis to determine who the “beneficial owners” of each entity is, as defined by the CTA. This analysis is more complicated than many individuals realize. The registration process requires specific information to be reported and filed, and it can be time-consuming to understand the law and the process enough to do it correctly. Most of the experienced business owners we work with prefer to delegate this task so they can focus on running their business. The penalties are too severe to worry that you’ve exposed your business, your partners, your managers, and others associated with your company to unintentional violations of the law.
If you have more than one entity with the same members or shareholders, additional discounts will be available. Entities with different members and shareholders are subject to a separate analysis so this process must be repeated for each of them. This will be addressed in your online questionnaire and can be further discussed during your CTA Compliance Consultation meeting.
If you hired our law firm to establish an LLC or corporation for you in 2024, then your new entity has already been covered. We took care of this for you as part of the flat fee that you paid. If you hired us before 2024, this would not have been included because the law didn’t exist yet.
If you formed your own entity or hired someone else, you can follow the same process outlined above for us to help you, regardless of when the entity was formed.
Littleton Legal includes registration with FinCEN as part of the flat fee pricing for our entity formation services. When you hire us to help you establish a new business entity, we’ll take care of your FinCEN registration as part of that process.
If you’re working with someone other than us, please be aware that beginning January 1, 2025, you will only have 30 days to register once your new LLC or corporation is formed, so proactivity will be critical.
If you’d like to speak with our Client Coordinator to ask questions before hiring Littleton Legal, schedule a call here: Questions about CTA Compliance Consultation
If you’d like to learn more about the CTA generally, you can find more details here: The Corporate Transparency Act: What You Need to Know Now
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.
We provide LLC and corporation formation and maintenance services, business succession planning, outside general counsel services, and general business law and real estate law services to business owners. We also help with estate planning, trust administration, and probate. Schedule a Free Initial Consultation with Littleton Legal to learn more.
