Oct. 18, 2023 – A federal law that goes into effect on Jan. 1, 2024, promises big changes for attorneys who represent businesses, according to Kent Schlienger.

Schlienger, an attorney with Neider & Boucher SC, said the Corporate Transparency Act requires corporations, LLCs, and other business entities to report to the U.S. Department of the Treasury personal information about certain owners, as well persons who have substantial control over the entity.

Schlienger said the reporting requirement also applies to persons who file an entity’s formation documents, including attorneys.

What’s more, entities must report any changes in that personal information to the U.S. Department of the Treasury.

“This is a big obligation that starts immediately upon legal formation and will continue, perpetually, through the life of the entity,” Schlienger said.

See Schlienger’s upcoming State Bar of Wisconsin PINNACLE™ presentation, “Your Guide to the Corporate Transparency Act,” along with his written explanation of the Act and its effect on your practice.

The written Guide is a separate downloadable resource included for all CLE attendees and will also be available to purchase separately.