Contributors: Mark Flessner, Adam Maxwell
Putting the “Success” into Succession Planning/The Corporate Transparency Act: What Business Owners Need to Know (Fall 2023)
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The Corporate Transparency Act: What Business Owners Need to Know
The Corporate Transparency Act (“CTA”) was enacted in 2021 to improve transparency in order to prevent bad actors from engaging in money laundering, tax fraud, and other illicit activities from exploiting US companies. Beginning January 1, 2024, the CTA requires “reporting companies” to report information about the individuals who own or control the company to the Financial Crimes Enforcement Network (“FinCEN”).
Putting the “Success” into Succession Planning
Finding, grooming, and ultimately selling your business to one or more key employees is a process that typically takes several years. Once you have found the right successors, proper succession planning often involves two additional steps.