OBLIC continues to provide updated information and answer your questions on CTA. Beginning in December 2023, we informed that the Corporate Transparency Act launches January 1, 2024, what it requires and guidance on some practice considerations.
In our January 2024 OBLIC Alert- Your Hotline Questions: CTA, we looked at whether a law firm has to report, discussed policy coverage, and provided a CTA Practice Check List.
Our CTA Update: 90-Day Reporting Deadline reminded that a reporting company was created on or after January 1, 2024 and before January 1, 2025, will have 90 calendar days after receiving actual or public notice to file the initial BOI report. This was sent prior to the first 90-day period after January 1, 2024.
With this OBLIC Alert we are pleased to share an additional resource on CTA from OBLIC. Accessing information on the FinCEN BOI website, an OBLIC-recorded a video uses the Small Entity Compliance Guide – Beneficial Ownership Information Reporting Requirements to assist in determining:
- Whether a company has to report its beneficial owners
- Who is a beneficial owner ;
- Whether a company has to report its company applicants
- What specific information the company needs to report
- When and how to file initial BOI report
- What to do if there are changes or inaccuracies in reported information
This informative video will give a step-by-step look at interactive flowcharts, checklists and infographs to determine if a company needs to file a BOI report and how to use the FinCEN website to file.
Please contact OBLIC to request a link to view this video resource for OBLIC policyholders. As always, if there are questions, do not hesitate to contact us at OBLIC. We’re here to help!
| Gretchen K. Mote, Esq. Director of Loss Prevention Ohio Bar Liability Insurance Co. Direct: 614.572.0620 [email protected] |
Merisa K. Bowers, Esq. Loss Prevention Counsel Ohio Bar Liability Insurance Co. Direct: 614.859.2978 [email protected] |
This information is made available solely for loss prevention purposes, which may include claim prevention techniques designed to minimize the likelihood of incurring a claim for legal malpractice. This information does not establish, report, or create the standard of care for attorneys. The material is not a complete analysis of the topic and should not be construed as providing legal advice. Please conduct your own appropriate legal research in this area. If you have questions about this email’s content and are an OBLIC policyholder, please contact us using the information above.
