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NSBA Wins Suit by Staff
The U.S. District Court of Northern Alabama recently deemed the Corporate Transparency Act (CTA), which requires companies to disclose sensitive personal information, unconstitutional in a lawsuit brought forth by the National Small Business Association (NSBA) and small-business owner Isaac Winkles. Congress passed the CTA in 2019 in attempts to track and eliminate anonymous shell companies used for money laundering and criminal activity by creating a government database managed by the Financial Crimes Enforcement Network (FinCEN) and available for access by federal law enforcement agencies. Robert Wilson Downes and Scott E Ludwig of the American Bar Association record that legislation concerning shell companies has been in the works since 2008, but the 2019 act was the first to be passed. Previous legislation proposals required banks or new state reporting agencies to report to FinCEN the full legal name, date of birth, current residential or business address, and a unique identifying number of all beneficial owners of any business. Under the CTA, all business entities must now file information regarding beneficial owners directly with FinCEN, bar any entity employing more than 20 full-time employees with physical offices in the United States and over $5 million in sales. This exemption rules out very few companies, however, as firms with fewer than 20 workers make up 98% of companies in the United States, making the American economy a small business economy, according to the Small Business and Entrepreneurship Council. The term "beneficial owners" has been under constant revision, but the CTA defines them as anyone who owns 25% or more of the equity interests of a company or a single individual whose responsibility involves directly controlling or managing a company.
Current Legislation
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