EntityKeeper is a partner built to help your organization navigate and alleviate the burdens of the Corporate Transparency Act (CTA) while mitigating the risk for non-compliance across your entities, beneficial owners and company applicants.
The Corporate Transparency Act (CTA) requires domestic and foreign legal entities to register certain entity and personal information about its beneficial owners and company applicants with the Financial Crimes Enforcement Network (FinCEN), which is a branch of the United States Department of the Treasury. The purpose of the CTA is to prevent money laundering and safeguard the nation’s financial system against financial criminals and terrorists.
Each reporting company is required to report:
Beneficial owners and company applicants are required to report:
The CTA goes into effect on January 1, 2024. Any entity existing or registered before January 1, 2024, must file their initial report by January 1, 2025. Additionally, any entity formed after January 1, 2024, must file their report within 30 days of the entity’s creation.
Failing to comply or willfully providing false information may result in civil and criminal penalties. Violating the CTA may result in a daily $500 fine until the violation is corrected (with a maximum penalty of $10,000). Criminal penalties may result in imprisonment for up to two years.
Capture comprehensive ownership information by building Capitalization Tables that detail who your investors are, their percentage of ownership, and how it relates to the entire investor pool. Then, generate an Organizational Chart and view the beneficial owners that are over 25% in each entity.
The Notification Center helps ensure nothing slips through the cracks as you prepare for CTA compliance. Create and assign tasks across your organization to ensure accountable team members capture the necessary information and receive notifications for upcoming filing deadlines.
Mitigate risk and eliminate administrative burden by automating your compliance filings with Corporate Services. Using the information already being managed in your account, you can quickly and easily order annual filings and designate them for renewals, enabling you to set it and forget it.
Tailor user permissions and segment entity access, so you can eliminate bottlenecks and empower your team with direct access to information relevant to their roles and responsibilities. Additionally, you can grant access for specific users to view sensitive data, enabling you to protect information required to report for the CTA.
By creating internal efficiencies and protecting sensitive details, EntityKeeper ensures you’re well-equipped to capture information and documents, stay ahead of filing deadlines, and comply with the CTA.
