Public Policy

Corporate Transparency Act (CTA)

March 27, 2024
Posted by
Mark Shaaber

The Corporate Transparency Act is something every small business needs to understand. This is essentially an anti-money laundering law.

The new legislation requires many businesses submit a Beneficial Ownership Information Report to the U.S. Dept. of Treasury’s Financial Crimes Enforcement Network (FinCEN), providing details identifying individuals who are associated with the reporting opany.

The form is available at

Companies established before Jan. 1, 2024 have until Jan. 1, 2025 to report beneficial ownership information.

Companies established after Jan. 1, 2024 must report withing 90 days of registering with the state. This means the deadline is looming for businesses that launched in January 2024.

Companies established in 2025 will only have 30 days to report.

Companies must report by stating beneficial owners defined as:

  1. Owns 25% or more of the company.
  2. A person who has a major influence on company decisions or operations.
  3. A commensurate control of a company’s equity.

Companies that are exempt include sole proprietorships, unincorporated associations, nonprofit organizations, wealth planning trusts and publicly traded companies. To see a list of others, visit

About Partnership Grand Strand
Partnership Grand Strand is a 501c3 foundation launched in 2022 by the Myrtle Beach Area Chamber of Commerce to fund a five-year economic and community development initiative. Through investments from local businesses and partnerships with community organizations, the foundation leads and supports efforts related to four pillars of success: prosperity, talent, place and infrastructure. Through their focused endeavors, Partnership Grand Strand works to accelerate economic prosperity and enhance quality of life across Horry and Georgetown counties. 
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