The Corporate Transparency Act and Its Impact on Private Client Transactions

The Corporate Transparency Act (CTA) is in force, having taken effect on January 1, 2024. Now, existing and newly formed corporations, limited liability companies (LLCs) and similar entities will need to determine whether they are a Reporting Company or are exempt from reporting. If ineligible for an exemption, the Reporting Company will be required to report information about itself, its Beneficial Owners and Company Applicants (for entities formed in 2024 or after).

Please join members of Holland & Knight's Corporate Transparency Act Team for an informative presentation on the rules and issues that have risen in the private client area and important related developments. Our panel will open up the discussion to questions from attendees.

Topics Include:

• How to deal with the Beneficial Ownership Information (BOI) Reporting Rules for private clients
• How to determine Beneficial Owners when a structure includes a trust
• Useful exemptions: private trust company, large operating company, subsidiary rule, etc.
• What to do when beneficial owners are recalcitrant or unreachable
• When is a senior officer liable for penalties?
• Financial Crimes Enforcement Network (FinCEN) identifiers for individuals and when should they be used?
• Privacy issues and agreements between reporting companies and beneficial owners
• Incorporating CTA provisions in documentation, including trusts, wills, LLC agreements and employment agreements
• When should an outside vendor be used?
• The proposed FinCEN transparency rules for residential real estate

FinCEN continues to release new information. We hope you can join us for an update on the latest developments.