The Corporate Transparency Act will create significant privacy concerns for families, family business and family offices.
- Specifically, this bill:
- Requires corporations and limited liability companies disclose their true, beneficial owners to FinCEN at the time the company is formed.
- Establishes minimum beneficial ownership disclosure requirements: companies must provide beneficial owners’ name, date of birth, current address, and driver’s license or non-expired passport number.
- Requires companies to file annually with FinCEN a list of its current beneficial owners, as well as a list of any changes in beneficial ownership that occurred during the previous year.
- Provides civil and criminal penalties for persons who willfully submit false or fraudulent beneficial ownership information, or who knowingly fail to provide complete or updated beneficial ownership information.
- Watch this short 7-minute video below to see the details and the likelihood that something will pass in the month of September!!
Family Enterprise USA is the organization that represents all family businesses on a national level in DC; it is not unique to any industry. FEUSA is different from other organizations because it represents and advocates for the families of family businesses and the issues, they face running their businesses every day. Our sole mission and purpose is to promote family businesses and their job growth in America. We also support the work of Family Business Centers across the country. We hope your family will choose to be a member of FEUSA. Family Enterprise USA is a 501(c)(3) non-profit organization. Family foundations can donate.