Priya Thennarasu, associate in Much’s Estate Planning & Wealth Transfer group, authored an article on the Corporate Transparency Act for the Illinois State Bar Association’s Young Lawyers Division.
This legislation requires that, beginning January 1, 2024, domestic and foreign entities registered with the Secretary of State must report beneficial ownership information to the Financial Crimes Enforcement Network. Thennarasu recommends that attorneys have a plan in place for reporting requirements in advance of January, particularly for entities to be formed in the new year.
ArticleThe Corporate Transparency Act: What Attorneys Need to Know
Illinois State Bar Association: YLDNews