Corporate Transparency Act
If you own an interest in a legal entity, you will likely need to comply with new reporting requirements, in some cases as early as January 1, 2024. In 2021, Congress enacted the Corporate Transparency Act (“CTA”), which tasked the U.S. Treasury Department with developing a system of standardized reporting for companies (including LLCs and partnerships) being formed in the U.S. and the disclosure of their beneficial ownership information. Failure to comply with these new obligations brings potential civil and criminal penalties to individual business owners.

Who Needs to Report?
The CTA requires privately owned corporations, LLCs, partnerships, and other legal entities formed by a filing with a Secretary of State (“Reporting Companies”) to disclose information about their beneficial owners and/or controlling members. Reporting is required for individuals who have “substantial control” over the company or control at least 25% of the entity. All reporting must occur through an online portal established on the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) website.

What Information Needs to Be Reported?
Reporting companies must disclose:

• (a) the name of the reporting company,
• (b) any trade name or “doing business as” name,
• (c) the business street address,
• (d) the state of formation, and
• (e) the Taxpayer Identification Number (TIN) under which the reporting company reports to the IRS.

Each beneficial owner must report the individual’s:

• (i) full legal name,
• (ii) date of birth,
• (iii) business (or residential) address, and
• (iv) either passport or state driver’s license number (including a scanned copy of the document).

As ownership of the entity changes, the beneficial ownership information must be updated, creating an ongoing CTA reporting requirement.

When to Report?

• Companies formed or registered to do business in the U.S. after January 1, 2024, must report the identities of their beneficial owners within 90 days of formation.
• Companies formed before January 1, 2024, have until January 1, 2025, to report their current beneficial owners.
• Any changes to beneficial ownership after January 1, 2025, must be reported within 30 days of the change.

Reporting Violations
The CTA establishes penalties for failing to provide accurate and up-to-date information to FinCEN. Violators may face:
(a) civil penalties of up to $500 per day for each violation, or
(b) criminal penalties of up to $10,000 and imprisonment for up to two years.

NEXT STEPS
​GLM has created and is offering a service package to complete your Beneficial Ownership information filings with the appropriate agency. Our fee for this service begins at a base price of $195.00 (including one shareholder or member) and an extra $100.00 per additional shareholder or member.
If you would like GLM to complete CTA compliance filings, please sign and date this page and send it back to us. You will also need to include:

• A current copy (PDF, not expired) of a government-issued identification form for each shareholder/member that owns 25% or more of the company.

Our deadline to complete the filings is June 30, 2024.

Company culture is more than a buzzword—it's the backbone of a successful organization. It defines how a company operates, makes decisions, and treats its employees and customers. A strong, positive culture can significantly influence business growth, recruitment, and employee engagement.
Why Company Culture Matters

1. Attracting Top Talent: Job seekers today prioritize company culture when considering opportunities. A supportive, inclusive, and mission-driven workplace can set your business apart in a competitive job market, helping you attract high-caliber candidates who align with your values.
2. Enhancing Employee Engagement: Engaged employees are more productive, innovative, and committed to their roles. A culture that fosters collaboration, recognizes achievements, and supports professional development creates an environment where employees thrive.
3. Driving Business Growth: A positive culture directly impacts the bottom line. Happy employees lead to higher retention rates, better customer service, and improved team performance—all of which contribute to sustainable growth.
4. Building Brand Reputation: Culture isn't just internal—it's a reflection of your brand. A strong culture resonates with customers and partners, fostering trust and loyalty.

Cultivating a Strong Company Culture

• Define Your Core Values: Identify the principles that drive your organization and communicate them clearly.
• Lead by Example: Leadership must embody the culture they wish to promote.
• Foster Open Communication: Encourage transparency and regular feedback.
• Invest in Employees: Provide opportunities for growth, recognition, and work-life balance.

By prioritizing company culture, businesses create a solid foundation for growth, attract top talent, and foster long-lasting employee engagement. It's an investment that pays dividends in every aspect of organizational success.

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