The U.S. government is requiring businesses to disclose information about their owners, including names, birthdates, and addresses, by December 31st.
This requirement, part of the Corporate Transparency Act, aims to prevent the use of shell companies for illegal activities and is intended to enhance national security.
Failure to comply with the law could result in fines of up to $10,000 per entity.
While some businesses may be exempt, smaller entities, such as partnerships and LLCs, are more likely to be affected.
