Thomson Reuters

Complying with the Corporate Transparency Act: Understanding the who, what, and when of reporting

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The Corporate Transparency Act (CTA) became effective on January 1, 2024. Unless covered by one of the 23 exemptions, the CTA requires corporations, limited liability companies, and other entities to (i) report specific beneficial ownership and control information, (ii) disclose information about who created the entity or registered it to do business in the US, and (iii) report any change to previously reported information to the US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). Failure to submit these reports within a specified time period can result in significant civil and criminal penalties

Join Practical Law and Seyfarth Shaw for an overview of CTA need-to-knows, including:

Which entities are reporting companies?
When must a report be filed?
Who is a beneficial owner?
What Beneficial Owner Information (BOI) must be reported?
Which entities are exempt from the reporting requirements of the CTA?
Does an exempt entity need to file a report to demonstrate its exempt status?
The ABCs of complying with the CTA, including guidance on working through the FinCEN website.

Speakers

Karen Bertulli

Director

Practical Law Corporate and M&A, Thomson Reuters (Moderator)

Karen Bertulli joined Practical Law after practicing with Winthrop & Weinstine, P.A., where she was a shareholder in their corporate group. Karen's practice focused on public and private securities compliance, M&A, and general corporate counseling. Previously, she was an associate at Cahill Gordon & Reindel LLP in their litigation and corporate groups.

Bob Bodansky

Partner

Seyfarth Shaw LLP

Bob serves as investment counsel to some of the largest public and private pension funds in the country, as well as universities and other institutional investors—representing them in domestic and international investments of every kind. Bob routinely handles comingled funds, co-investments, joint ventures, direct (principal) investments, separate accounts (discretionary and nondiscretionary), and secondary transactions. His global practice includes private equity, hedge fund, and real estate transactions.

Michael Herbst

Partner

Seyfarth Shaw LLP

Michael counsels privately held businesses in complex corporate and commercial transactions, including corporate formations, mergers, acquisitions, spin-offs, recapitalizations, private placements, and dispositions. He also assists companies operating outside the US on inbound investments and international transactions. Michael’s experience spans a wide range of industries, with a particular focus on advising his long-term clients with transactional needs in real estate development, higher education, apparel, transportation, and service sectors.

Russ Robertson

Partner

Seyfarth Shaw LLP

Russ represents developers, property owners, privately held businesses and entrepreneurs in commercial real estate and business transactions. His real estate practice includes all aspects of commercial real estate ownership and development, including acquisition and disposition, development, leasing, joint venture formation and structuring, private placements, and debt and equity financing transactions. His diverse business practice encompasses clients in a wide range of industries, and includes advising on corporate governance matters, mergers and acquisitions, commercial finance, private lending, secured transactions, and a variety of strategic partnerships and commercial arrangements.

Suzie Saxman

Partner

Seyfarth Shaw LLP

For more than three decades as a corporate lawyer, Suzie has counseled clients—from entrepreneurs and startups to large, privately held companies across multiple industries—through every phase of growth, during times of economic prosperity and economic downturn. Suzie works with clients in two capacities: executing deals and functioning as outside general counsel, often at the same time. Suzie also serves as the chair of the firm’s M&A practice group.

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