The Corporate Transparency Act, effective January 2024, requires every LLC to report owner and manager details to a government database. Nevada and Wyoming anonymity strategies no longer work. Noncompliance carries substantial fines.
There are some serious changes coming about that will affect your ability to keep the information about your company private. In January of 2024, the Corporate Transparency Act will take effect that will require you to disclose information about your limited liability company. These new disclosure laws will affect every LLC. So those of you who formed LLCs in states like Nevada and Wyoming for the purposes of anonymity need to pay close attention. The new law will require disclosure of the names and other information about the owners of LLCs, managers, lenders to LLCs, and failures to comply with these new laws will be met with significant fines. The information I've read so far indicates that these disclosures and this information will be kept in a non-public database. And the law was passed in an effort to combat money laundering, terrorism, and other purposes. Everyone with an LLC needs to check this out and make sure you disclose the information. Go to my Linktree for my newsletter to find out more.
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