YOUR CART
- No products in the cart.
Subtotal:
$0.00
BEST SELLING PRODUCTS
About Course
Event Materials (Key Required)
| Format: | On-Demand Webinar |
| Presenter: | Blake R. Gerney |
| Time: | You can access the webinar anytime |
| Duration: | 60 minutes |
| Start instantly and learn at your own schedule & Get full lifetime access forever | |
|---|---|
Beginning on January 1, 2024, many businesses across the United States will have to report personal information about their owners, beneficial owners, and others who own or exercise control over the company. The information will have to be reported to, and maintained by, the Financial Crimes Enforcement Network (“FinCEN”) as part of the Beneficial Ownership Information Rule. FinCEN is a bureau of the U.S. Department of the Treasury.
The Rule was adopted as part of the Corporate Transparency Act passed by Congress in 2021. The required reporting is designed to make it more difficult for bad actors to shelter or hide finances through shell companies or complicated ownership structures. All domestic and foreign corporations, LLCs, or other entities created by the filing of a document with the Secretary of State or similar office in the United States must file, unless it qualifies for one of the several enumerated exemptions identified in the rule. A business required to file (a “reporting company”) will need to include certain specified personal information about the business itself, its ownership, senior officers, or other important decision makers. In addition, the Rule is on-going and any changes in the information disclosed must be updated through further filings with FinCEN.
A failure to report complete or updated information to FinCEN, or an attempt to provide false or fraudulent information, may result in civil penalties and criminal penalties including imprisonment for up to two (2) years and/or a fine of up to $10,000.
Business owners should act now to identify whether their company must report and if so, which individuals within the business entity are required to disclose the personal information designated under the rule.
Learning Objectives
- Learn what types of organizations are required to report and what personal information will be required
- Understand reporting rules and requirement and its exemptions
- Know the Timeline for reporting
- Protect from huge penalties for failing to report
- Understand confidentiality of reported information
- Know company applicant’s requirements
Areas Covered in the Session
- Overview
- Passage of the Corporate Transparency Act (“CTA”)
- Purpose of the CTA
- Confidentiality of Reported Information
- When to Report
- Penalties for Failure to Report
- What To Report
- Company-level reporting
- Individual-level reporting
- Company applicant-level reporting
- Reporting Companies
- Domestic Reporting Company
- Foreign Reporting Company
- Highly Regulated Entities
- Inactive Entities
- Tax-Exempt Entities
- Large Companies
- Required Reporting Entities
- Entities Exempt from Reporting
- Who Must be Included in a Report?
- Ownership Threshold
- Exercise “Substantial Control”
- Minors
- Nominees, Custodians, Agents
- Certain Employees
- Heirs
- Creditors
- Beneficial Owners
- Exempt Individuals
- Best Practices
- Is my entity a “reporting company”?
- Do we meet an exemption?
- Who should be included as a “beneficial owner”?
- FINCEN’s involvement with the rule and other security agencies that have access to this information
Related Webinars You May Like
Suggested Attendees
- Healthcare CEOs and COOs
- Healthcare executives
- Hospital’s administrators
- Hospital management and staff
- Medical providers
- Private clinics
- Medical practice owners
- Compliance officers
- Attorneys
- Insurance companies
- Medical billing and coding organizations
- Credentialing and contracting organizations
- Medical practice managers
- Owners of small to mid-sized businesses in all industries
About the Presenter
With over 25 years of legal experience, Blake’s practice focuses on commercial real estate, land use, construction law and business and corporate law, including development, zoning, construction documents, mechanics’ lien law, commercial leasing, purchase and sale transactions, finance and loan documentation. He also advises small and medium-sized businesses on a multitude of issues, such as mergers and acquisitions, business formations, regulatory compliance, employment and non-competition issues, corporate and limited liability company governance, asset protection and litigation.
Blake is one of only 15 Ohio State Bar Association Certified Specialists in Business, Commercial and Industrial Real Property Law. He is a frequent speaker and lecturer for a variety of real estate professional groups in Northeast Ohio, including real estate agents, brokers and title agents on topics such as title issues, landlord-tenant issues, agency matters, commercial and residential purchase and sale transactions, mechanics’ lien law, zoning and development issues. Blake is licensed to practice law in both Ohio and Pennsylvania.
Snippet From Our Previous Session
Course Content
You can access all the webinar materials after successful payment
-
Webinar Link + Handouts PDF
00:00
