The Real Estate Guys Radio Show - Real Estate Investing Education for Effective Action Critical Investor Update: Understanding the Corporate Transparency Act
Nov 12, 2023
Mauricio Rauld, a seasoned securities attorney at Premier Law Group who specializes in real estate syndication, joins the discussion to unpack the Corporate Transparency Act. He explains the law's intention to boost ownership transparency in real estate transactions and combat illicit activities. The conversation delves into compliance challenges that lie ahead, highlighting the obligations of reporting companies and beneficial owners. Listeners also learn about upcoming seminars aimed at navigating these complex regulatory changes and enhancing their investing strategies.
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Privacy vs Government Transparency
- The Corporate Transparency Act limits corporate privacy to combat terrorism and money laundering.
- It reflects a broader governmental trend reducing financial privacy for safety concerns.
Entities Subject to Reporting
- Any LLC, corporation, or partnership filed in the U.S. is a "reporting company" under this act.
- Trusts aren't reporting companies since they aren't filed entities, offering some privacy options.
Individual Reporting Requirements
- Individuals must report their legal name, home address, birthdate, and ID number.
- Uploading a copy of a driver's license or passport to FinCEN is required for compliance.
