Learn English: New Law Makes Businesses Share Owner Information (normal)

The government passed a new law called the Corporate Transparency Act, which forces businesses to reveal information about their owners.

This law is intended to prevent people from using fake companies to do illegal things or hide money.

Businesses that don't comply with the law could face fines of up to $10,000.

While larger companies are exempt, smaller businesses like partnerships and LLCs are more likely to be affected.