03/14/2024
Agricultural businesses have likely heard of the Corporate Transparency Act (CTA). The CTA contains new reporting requirements imposed by the United States Treasury Financial Crimes Enforcement Network (FinCEN) obligating small businesses to divulge all “beneficial owners” that have a 25% ownership interest or more or exercise control in the entity and to keep such information up to date with FinCEN.
It aims to prevent financial crimes from being committed by shell corporations but sweeps millions of small family businesses across the country within its scope.
Agricultural businesses have likely heard of the Corporate Transparency Act (CTA). The CTA contains new reporting requirements imposed by the United States