Ashleigh Taylor of Kleinbard LLC. Courtesy photo The 'Company Applicant' Conundrum: CTA's Impact on Law Firms
The most salient element of the CTA for legal practitioners is the definition of the "company applicant" and the required disclosure that this individual is mandated to provide. Understanding and interpreting this definition thrusts law firms into a complex decision-making process, raising fundamental questions about their internal processes, the kind of personal information they are prepared to submit, and, most importantly, how they interact with their clients.
February 14, 2024 at 09:44 AM
7 minute read
The Corporate Transparency Act (CTA) has garnered much attention for its impact on business owners, leading attorneys to invest numerous hours in continuing legal education (CLE) sessions to grasp its implications for their clients. These sessions typically address questions like whether the client is a reporting company, who the beneficial owners are and what information needs to be reported.
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