Secretary Giannoulias and the Corporate Transparency Act

Illinois Secretary of State Alexi Giannoulias, along with business partners including the Illinois Manufacturers' Association, Illinois Chamber of Commerce, Illinois Retail Merchants Association and the Chicagoland Chamber of Commerce, will be hosting a webinar to discuss the recently enacted federal Corporate Transparency Act (CTA). The new CTA will have a sizable impact on thousands of small businesses in Illinois and across the United States who must file certain beneficial ownership information or face government penalties. The CTA requires certain businesses, known as non-exempt reporting companies, to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). It was created in an effort to prevent terrorist financing, money-laundering, or illegal activity that may often be hidden through shell company structures. The new law took effect on January 1, 2024, with the first reporting by companies by January 1, 2025. Newly created companies have 90 days after creation with the Secretary of State’s Office to file their initial BOIR reports. There are also some limited exemptions to the law that will be discussed.