The Corporate Transparency Act: What Businesses Should Know
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Trevor Riddle is the Owner and Attorney at Riddle Law, PLLC, where he helps clients at every stage of life plan for the future through comprehensive family planning services, including estate planning, adoption, and surrogacy. As a seasoned attorney, he has 20 years of experience representing clients in real estate and business planning, protecting their individual freedom with empathy, understanding, and trust.
In this episode…In 2021, congress passed the Corporate Transparency Act requiring businesses — namely LLCs — to disclose ownership parties. This purportedly reduces money laundering and the financing of terrorism. Yet tracing a company back to its original ownership is taxing, and the hidden requirements, stipulations, and exceptions can get businesses into trouble if not adhered to precisely. How can you navigate the Corporate Transparency Act effectively?
With experience guiding businesses through the legal landscape, attorney and former litigator Trevor Riddle understands the reporting requirements of the Corporate Transparency Act. He maintains that any person or entity owning 25% or more of a company must be listed on the beneficial ownership interest report. This includes shareholders, members of a board of directors, and anyone who can make decisions on the corporation’s behalf. You must also include any individual responsible for filing the initial company creation documents. However, you aren’t required to list these individuals on the beneficial ownership interest report if the entity was created before January 1, 2024. Additionally, if you decide to acquire an additional partner, you must update the report.
In this episode of The Same Day Podcast, Mat Zalk hosts Trevor Riddle, the Owner and Attorney at Riddle Law, who breaks down the Corporate Transparency Act. Trevor explains the exceptions to the law, how to navigate the act, and how to determine business ownerships and partnerships.
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