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Corporate Transparency Act and Disclosure of Beneficial Form

Corporate Transparency Act and Disclosure of Beneficial Form

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All right. The corporate transparency just got challenged. So here's what we have is our first significant legal ruling on the CTA. And this could eventually impact all entities nationwide if this trend continues. So you should know by now that the Corporate Transparency Act requires that all businesses that are filed with the secretary of state to report their beneficial owners. Well, this hit a snag last Friday in Alabama. well, you see the National Business Association, which was one of the plaintiffs that brought this case challenging the constitutionality of the law, got a federal court to declare that the act is unconstitutional in finding that Congress, you know, really overstepped its bounds by mandating businesses to report their beneficial ownership information or what we refer to as the BOI. Now, the court stated that despite acknowledging the Act's noble intentions against the money laundering, it still had to strike it down, stating that there's no

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