Small businesses are struggling to comply with this new corporate transparency law 

Author Profile Image
Sign up for the free Daily Report email – local news about the people, companies and issues that impact business impact business in Baton Rouge and beyond.

Small businesses are beginning to feel more prepared for a new beneficial ownership reporting requirement that kicked in at the start of this year—but there’s still a long road ahead to get everyone on board, Inc. reports. 

A survey released this week from global information services provider Wolters Kluwer reports that 26% of small businesses feel that their organization is mostly prepared to comply with the Corporate Transparency Act, a 2021 law that now requires certain businesses to report their beneficial owners to the Financial Crimes Enforcement Network. The survey received more than 3,600 responses.

The law aims to curb money laundering by making corporate ownership more transparent. More than 33 million businesses will need to comply, according to FinCEN.  

Advertisement

Thirty-one percent of businesses surveyed are completely unprepared to comply with the measure, the survey finds, though that’s a drop from the 38% who felt unprepared in November’s polling. Read the full story.  

Comments (0)

From Our Partners

Daily Report Poll

ASK AI

Ask anything about Baton Rouge business