Corporate Transparency Act

Beneficial Ownership Information Reporting

If you received the notice below, you may be wondering what the Corporate Transparency Act is and how it relates to your business. The Corporate Transparency Act (CTA) mandates businesses to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN), as part of the USA Patriot Act's efforts to combat money laundering and terrorism financing by enhancing transparency and preventing the concealment of identities behind corporate structures. Therefore, beneficial owners (who are individuals who directly or indirectly own or control a legal entity) are required to report to FinCEN.

Read on to learn what you need to do to remain in compliance. To view the notice in its entirety, click here.

Corporate Transparency Act Notice from Oregon Secretary of State

 
 

Here’s what you need to know as a business owner

Who has to report?

Businesses formed by filing a document with a Secretary of State’s office in the United States. This would include a corporation, limited liability company (LLC), or a business that was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe; or a foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

Note: There are some entity types that are exempt. That list can be found here.

How do I report?

Through the FinCEN (Financial Crimes Enforcement Network) website, linked here.

What is reported?

  • Company legal name and current principal place of business

  • Any assumed business name (DBA) used by the company.

  • Taxpayer identification number (TIN or EIN)

  • Each Beneficial Owner’s name; birthdate; residential street address; and an identifying number with an image of an acceptable ID

  • Each Company Applicant’s name; birthdate; residential street address, (applicants whose business is submitting registration documents may use their business address); and an identifying number with an image of an acceptable ID (e.g., driver’s license or passport).

  • There is no fee, and this is not an annual report.  Only updates and corrections are necessary.