Please be advised that Congress has enacted new business legislation called the “Corporate Transparency Act” to be effective January 1, 2024. This Act will require extra reporting for many limited liability companies and corporations. For those companies already formed, one has the entire year of 2024 to file these new disclosure documents; however, for companies formed after January 1, 2024, the timeframe to file is substantially sooner. Therefore, if you plan to form a corporation, seek legal assistance as you may desire forming it this year.
Stay tuned for more information as we analyze all the nuances of this new legislation.