New Ruling on the Corporate Transparency Act (“CTA”)

This new law has been reinstated on February 18th, 2025, and applies to almost ALL corporations, partnerships, and LLCs. The Corporate Transparency Act (CTA) will be strictly enforced and criminal and civil penalties can be imposed on those out of compliance.  You only have until March 21, 2025, to file! We are offering our clients a low-cost Wyoming corporate compliance solution. Please complete the BOI form below and we will contact you shortly, or order online here by selecting “No Company, Just Services“, under Choose Company Type.

The Corporate Transparency Act Back In Effect

What that means for you

On February 18, 2025, a Federal District Court ruled that companies were once again required to file beneficial ownership information with the Federal government. Companies that have not filed have until March 21, 2025, to do so.

What is the Corporate Transparency Act?

The Corporate Transparency Act is a new Federal law that went into effect January 1^st, 2024, requiring almost all entities in the US to file  Beneficial Ownership Information (“BOI”) on individuals who own substantial pieces of, or otherwise control the entity to the Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”).

When do I need to file my entity’s BOI?   

All companies, including aged shelf companies, must file the initial reports by March 21, 2025. Companies formed after February 18th, 2025, must file within 30 days of their formation.

Who will be able to access the FinCen BOI database?

This information will be available to federal law enforcement agencies (including the Treasury and the IRS), and state and local law enforcement agencies with prior court approval. Foreign agencies may also ask for access to the information, either under an international treaty or as part of certain investigative procedures. Finally, financial institutions and their regulators may obtain access for purposes of satisfying their Know Your Customer requirements. These BOI filings will not be made available to the general public.

Does this information have to be filed annually?

No, but if an entity has a change of address, any owner’s address changes, ownership of the entity changes, or the entity’s exempt status changes, these changes must be reported within 30 days of any change.

What is the punishment for not filing?

The law sets forth multiple penalties for non-compliance, providing for both criminal and civil penalties.  Any individual who provides false information, or fails to report complete or updated information, is subject to a civil penalty of not more than $500 for each day that the violation continues, and may face fines of not more than $10,000, imprisonment for not more than two years, or both.  Separate from the CTA, individuals could face criminal liability under the federal criminal code, which prohibits knowingly and willfully providing false information or concealing a material fact to any of the three branches of the federal government.

Do I Still Need Your Privacy Packages

Yes. Even though the BOI is private, the State information is not.  We recommend that customers use the privacy packages to keep owner names off the State public record.

How will aged entities be affected?

Aged Shelf company’s new owners must file within 30 days of the date of purchase.

Can Wyoming Corporate Services file BOI information for customers?

Yes, we do provide a service for the initial BOI filing and a recurring service to maintain the information in the FinCen BOI database. If you would like us to contact you with additional information regarding this service, please fill out the below form.