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SBTDC shares info on new Corporate Transparency Act

SBTDC shares info on new Corporate Transparency Act

SBTDC shares info on new Corporate Transparency Act

The Small Business Technology Development Center (SBTDC) at East Carolina University is hosting two free webinars on the new Corporate Transparency Act (CTA) that went into effect on January 1, 2024.

The CTA is designed to provide law enforcement agencies with the beneficial ownership information of each corporate entity in an attempt to detect money laundering, terrorism, and other crimes.

The law applies to most business structures including Corporations, LLCs, LLPs, LPs, and Community Associations. Larger companies with over 20 employees and over $5M in sales are exempt from the act as are most 501(c) nonprofits, Sole Proprietorships and other structures not registered with the state. 

A representative of each corporate entity is required to register with the US Treasury’s Financial Crimes Enforcement Network (FinCEN) and provide the company’s legal name, any trade names, Tax ID, and street address. In addition, the “beneficial owners” of the entity (basically those that either own more than 25% of the company or who exercise substantial control over its operations) will be required to provide their name, and DOB and to upload a valid state or federally issued ID.

Existing companies formed before January 1, 2024, will have one year to register with FinCEN, brand-new companies formed after January 1, 2024, must register within 90 days. Filing can be done online directly with FinCEN at and is free of charge.

The SBTDC will be hosting two free informational webinars on the CTA on February 15th and 20th.  CLICK HERE to register.

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