Elysium Real Estate Investments LLC

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Corporate Transparency Act (CTA)

The Corporate Transparency Act (CTA)

Elysium Real Estate Investments LLC and its associates, including employees, advisors, agents, and licensed professionals, are fully committed to complying with the Corporate Transparency Act (CTA) passed by Congress in 2021. The CTA is an essential legal measure that helps prevent money laundering, corruption, and terrorism financing. To do business with Elysium Real Estate Investments, you must register your corporation with FinCen by December 31, 2024. If your corporation is new, you will have 90 days to comply with the new law.

Moreover, all new and existing US-based corporations must provide a Certificate of Good Standing from the Secretary of State before we can enter into a legally binding Client Relations Agreement.

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The Corporate Transparency Act (CTA) is integral to the broader National Defense Authorization Act for Fiscal Year 2021. The specific rule law number for the CTA within this large piece of legislation is Title LXIV—Corporate Transparency Act. The Act was signed into law as part of the larger legislative package under Public Law No: 116-283.

The CTA requires certain US enterprises, small corporations, and limited liability firms to disclose information about their beneficial owners, who ultimately possess or control these entities. Such information must be submitted to the Financial Crimes Enforcement Network (FinCEN) without fail.

Businesses impacted by the CTA must provide FinCEN with all their beneficial owners’ names, addresses, birth dates, and a unique identifying number (such as from a passport or driver’s license). Non-compliance with the CTA regulations can lead to severe legal risks, substantial penalties, and other harsh consequences that businesses cannot ignore.

The CTA aims to enhance transparency by eliminating the anonymity that has facilitated illegal activities through shell corporations. Although compliance with the CTA regulations can be challenging, especially for small enterprises that must navigate additional reporting obligations, businesses must recognize that it is a legal obligation that cannot be ignored.

Businesses must comply with the new standards to avoid legal risks and financial penalties. Implementing the CTA is vital to a broader initiative to improve financial transparency and protect the US economic system from misuse. Therefore, businesses must immediately comply with the CTA regulations to ensure transparency and prevent adverse consequences. If you need expert guidance in navigating the law and complying with the rules, contact our real estate advisory investment team. Elysium Real Estate Investments is here to provide you with comprehensive assistance in this regard, and we expect nothing but full compliance with the CTA regulations from each of our clients.

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