WRAL Interviews Benji Jones on Corporate Transparency Act’s Impending Deadline – Businesses Should Act Now  

In the WRAL story “How the Corporate Transparency Act Applies to North Carolina Businesses,” corporate attorney Benji Jones emphasized that businesses across the state need to be aware of the new federal requirement that has a filing deadline of Jan. 1, 2025, to avoid costly penalties or fines.

The CTA, which took effect on Jan. 1, 2024, aims to combat money laundering by requiring most companies to file beneficial ownership reports with the Financial Crimes Enforcement Network (FinCEN). The process is straightforward for most small businesses, akin to opening a business bank account.

The information required for the beneficial ownership report is similar to anti-money laundering and know-your-customer procedures that banks already use, Benji told WRAL. However, this time, it’s reported to a federal agency rather than directly to a bank.

Benji noted that businesses need to start preparing now to meet the CTA’s deadlines. Entities that existed before Dec. 31, 2023, must file their beneficial ownership reports by January 1, 2025. New entities formed on or after Jan. 1, 2024, have 90 days to file their initial reports, with timelines shrinking further for companies formed after 2025. Additionally, any changes to a company’s beneficial ownership must be reported within 30 days. Non-compliance could result in hefty fines and even imprisonment.

Benji has practiced law as a corporate attorney for more than 20 years, and her experience includes representing public and private companies on a broad spectrum of legal issues. Benji regularly represents businesses in public equity and debt offerings, domestic private placements, crowdfunding, other non-traditional private offerings and repurchase programs, public company securities compliance, corporate formation and governance, early-stage financing for start-up and growth companies, mergers and acquisitions and strategic contracting. The Best Lawyers in America® has recognized Benji in Securities/Capital Markets Law each year since 2018 and Securities Regulation since 2019.

The entire story can be viewed here.