The Federal Government requires virtually all businesses formed in the United States before this year-end, regardless of form of entity and regardless of line of enterprise, to register during 2024 and disclose all owners; if you form a new business after the first of the year, you will have 30 days to file.  Failure to do so can be criminal and in any event non-compliance carries a $500/day civil penalty.

The reason is to fight crime and money-laundering.  The fact that you are not a crook obviously does not protect you– the Feds know lots of things but do not know (obviously, since Congress needed to pass this law) if you are an honest operation.

I know this seems weird– unlikely — a bother.  You would be merely correct.  If I were a crook, I am already on the wrong side of the law so perhaps I am not going to register.  Or do I register, figuring that I am hidden within the estimated 32,000,000 initial filings?

Hopefully the below link will connect you to my firm’s initial alert regarding these filings; and you can sign up for our alerts and then you will be updated as needed.  Email me if you are having trouble or have any current questions.

https://www.duanemorris.com/alerts/you_cant_hide_corporate_transparency_act_dragnet_0923.html