Yes. Some states do not ask for identity of business owners or members of LLCs at the time of business registration. However, effective January 1, 2024, identities of owners of private companies will have to be reported to the federal government in a separate filing as part of a Corporate Transparency Act requirement. The information will be maintained by FinCEN with access limited to federal agencies, state agencies with a court order, and financial institutions with the consent of the company. FinCEN is working on an additional rule regarding access to these records. (Posted, November 7, 2022).
Our firm maintains an anti-money laundering policy and performs thorough due diligence on each shareholder, officer, member, or owner of a to-be registered business.
