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Prince Law Offices, PC is alerting businesses to the upcoming compliance deadline for the Corporate Transparency Act (CTA), an essential requirement set by the Financial Crimes Enforcement Network (FinCEN). The FinCEN regulations mandate that most companies formed or registered to do business in the United States before January 1, 2024, must submit their initial beneficial ownership information report by January 1, 2025, unless specifically exempt. Companies that fail to meet this deadline could face penalties, including substantial fines and even imprisonment. To help businesses navigate the CTA's complexities, Pennsylvania attorneys at Prince Law Offices, PC, offer expertise in business law to address compliance questions and avoid potential liabilities.
"The approaching deadline represents a significant compliance obligation for businesses across Pennsylvania," states Jeffrey A. Franklin, attorney at Prince Law Offices, PC. "Companies need to begin preparing their documentation now to ensure timely filing and avoid potential penalties."
The CTA applies to a broad range of entities, except for the 23 categories FinCEN exempts from reporting. These exemptions cover specific entities such as large operating companies, government-owned organizations, and financial institutions. Companies must identify their beneficial owners - individuals who own or control 25% or more ownership interests or exercise substantial control over the company.
Entities registered in 2024 have a filing grace period of 90 days from the date of formation or registration notification. However, starting January 1, 2025, this window shortens to 30 days. To comply with the Corporate Transparency Act, businesses must determine if they qualify for exemptions. Attorney Jeffrey A. Franklin, who specializes in business law at Prince Law Offices, PC, can provide insights and assistance in interpreting these provisions.
Non-compliance with the Corporate Transparency Act's reporting requirements may lead to civil and criminal penalties. Failure to comply can result in a fine of up to $10,000 and imprisonment for up to two years. FinCEN provides additional information and resources for understanding the Corporate Transparency Act, including a detailed analysis, guides, and FAQs. Prince Law Offices, PC offers comprehensive support for those needing specific guidance or facing complex reporting scenarios. The firm's expertise in business law extends to a range of industries and entities, helping businesses align their reporting practices with federal requirements.
Businesses can contact attorney Jeffrey A. Franklin at Prince Law Offices, PC, for questions regarding Corporate Transparency Act compliance or other business law matters.
About Us: Founded in Reading, Pennsylvania, Prince Law Offices, PC provides comprehensive legal services across southeastern Pennsylvania. The firm serves clients throughout Berks County, Lancaster County, Lebanon County, Lehigh County, and Montgomery County, offering expertise in business law, corporate compliance, and various other practice areas.
Contact Info:
Name: Joshua Prince, Esq.
Email: Send Email
Organization: Prince Law Offices, PC
Address: 646 Lenape Rd. Bechtelsville, PA 19505
Phone: +1 610 845 3803
Website: https://princelaw.com/
Release ID: 89144637
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