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Michigan Business Beat | Robert Hamor, Foster Swift - What Is the Corporate Transparency Act?

Michigan Business Beat
July 29, 2022 4:00 PM

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Chris Holman welcomes Robert A. Hamor, Attorney, Foster Swift, Lansing, MI. 
They discuss legislation that has passed congress and is working its way to being implemented and if it is, could have a huge impact on small business!

Watch Robert and Chris discuss the Corporate Transparency Act in the YouTube video shared below!

In the discussion Rob is sharing with Chris about:

  1. What is the Corporate Transparency Act?
    1. An act designed to give the government information on the ownership of smaller businesses that traditionally do not disclose their ownership to the feds.
    2. Designed to combat terrorism and money laundering.
    3. All the information will be housed in a federal database which is, in theory, only accessible for law enforcement purposes.
  2. Who does it apply to?
    1. All companies that do not have an exemption are required to report.
    2. Exemptions are usually granted for larger entities or companies who already report or are subject to significant state or federal regulation (i.e. the gov’t already has the information)
  3. What does it require?
    1. Companies are required to disclose the following:

                     i.      Business info – name, address, jurisdiction, tax ID numbers

                     ii.      Beneficial owner information (those who have “substantial control” or own/control 25%

                               1. Name, date of birth, address, ID information

                      iii.      Applicants (person who made the decision to form the company – i.e. incorporator, organizer, attorney, etc)

        1. Name, date of birth, address, ID information
          4. What are the next steps?
    1. Start gathering reporting requirements
    2. Be wary of new upcoming laws based on the CTA – for example, the KLEPTO act is building on the CTA with respect to real estate transactions.

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Michigan Business Beat, hosted by Chris Holman, discusses economic development, new or unusual entrepreneurial initiatives, and successful business practices from different regions and industries around Michigan with a wide range of entrepreneurs and business leaders.

8:00 AM every Monday through Friday
Replay: 8:00 AM, 2:00 PM, 8:00 PM, 2:00 AM The music for 'Michigan Business Beat' is graciously shared use of Phil Denny's "Traffic Jam" off his 2012 CD 'Crossover'

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