Have you heard of a new requirement for all non-exempt U.S. busi- nesses to register information concerning their beneficial owners with the United States Financial Crimes Enforcement Network? Is this real? It’s genuine. Does it apply to me and my business? Most likely, yes. Every year, more than 2 million limited liability companies, corpora- tions, and various entities register with a specific state (“Reporting Entities”). In2022, Florida alone saw the formation of over 500,000 new LLCs. During the formation of a company, most states do not demand information about beneficial owners. For instance, when establishing a Florida manager-managed LLC, the organizer is only required to furnish the company name, address, registered agent, and the names and addresses of each manager —not the owners. No supplementary documentation about beneficial owners is necessary. In numerous instances, Reporting Entities are owned and/or operated by other entities, creating a complex network without a clear indication of ownership or control.While this lack of transparency may seem in- nocuous, it provides a cloak for potentially harmful and often unnoticed illegal activities such as money laundering and terrorist financing. Countdown to Compliance: Reporting Requirements The Corporate Transparency Act (the “CTA”) seeks to end “corporate anonymity” and enhance transparency at the federal government level. Beginning on January 1, 2024, all non-exempt Reporting Entities shallprovide supporting documentation and identifying informa- tion concerning a company’s beneficial owners to the U.S. Financial Crimes Enforcement Network (FinCEN). A beneficial owner is defined as an individual who directly or indi- rectly, or through any contract, exercises substantial control over 62 FEATURED ARTICLES