Mirick O'Connell Business Law e-Alert

Business Law Update

Corporate Transparency Act Guidance

As a result of Congress’ passage of the Corporate Transparency Act (CTA) in 2021, most corporations, limited liability companies, and other entities will soon be required to disclose information regarding the beneficial owners of those entities to the U.S. Department of the Treasury’s Financial Crimes Network (FinCEN). Entities subject to the disclosure requirements that are either formed in the U.S. on or after January 1, 2024, or are foreign entities qualified to do business in a U.S. jurisdiction on or after January 1, 2024, will be required to file a beneficial ownership information report with FinCEN within 30 days of their formation or qualification. Non-exempt entities existing or qualified prior to January 1, 2024 will have until January 1, 2025 to file a beneficial ownership information report with FinCEN.

We anticipate that a substantial number of businesses will be subject to the reporting requirements under the Corporate Transparency Act. Accordingly, we will be issuing more detailed guidance on the CTA and its beneficial ownership reporting obligations this fall.

Please reach out to any member of Mirick O'Connell's Business Law Team should you have any questions.

Meet the newest members of our

Business Law Team

We are thrilled to welcome back Andrew Croxford and to welcome Zachary Luczyk to the Firm.

Andrew is a valued member of the Business Group. He recently returned to Mirick O'Connell after having served as Vice President and in-house counsel at 3 Step Sports. Andrew focuses his practice on mergers and acquisitions, corporate finance, securities regulations, joint ventures, venture capital, and early state investment transactions. He represents companies throughout all states of their development, from formation through and beyond joining the public markets.

Zach recently joined Mirick O'Connell as an Associate in the Business Group. He has experience providing general business and corporate counsel to local, regional and national Corporations, Partnerships and Limited Liability Companies. His practice also focuses on mergers and acquisitions, business formation, ownership transitions, strategic transactions, corporate governance, general corporate and business matters and licensure. Zach handles a wide range of agreements and matters covering buying and selling businesses, divestitures, limited liability companies and F-Reorganizations.

Andrew A. Croxford

Of Counsel

acroxford@mirickoconnell.com

Zachary B. Luczyk

Associate

zluczyk@mirickoconnell.com

Business Law Team

Joseph H. Baldiga

Paul W. Carey

Andrew A. Croxford

Anthony P. DaSilva, Jr.

Allen J. Falke

Jennifer Z. Flanagan

Paul C. Foley

Elizabeth L.B. Greene

David E. Surprenant, Managing Partner

Jeffrey E. Swaim, Practice Chair

Cynthia M. John, Paralegal

Learn more how Mirick O'Connell's Business Law Team can assist you

This client alert is intended to inform you of developments in the law and to provide information of general interest. It is not intended to constitute legal advice regarding a client's specific legal issues and should not be relied upon as such. This client alert may be considered advertising under the rules of the Massachusetts Supreme Judicial Court. This client alert is for informational purposes only. It is not intended to be a solicitation or offer to provide products or service to any individual or entity, including to a "data subject" as that term is defined by the European Union General Data Protection Regulations. ©2023 Mirick, O'Connell, DeMallie & Lougee, LLP. All Rights Reserved.