Angel Insights Blog

What you need to know about the Corporate Transparency Act

The Corporate Transparency Act (the “CTA”) became effective January 1, 2024 and it applies to a broad swath of private companies. The CTA is part of the Anti-Money Laundering Act of 2020, with the purpose to combat money laundering and other illicit activities through anonymously owned entities. The CTA applies both to newly formed and already existing entities, and it imposes obligations on covered entities to report the identity of their significant beneficial owners and the people exercising control over the entity (along with copies of a driver’s license or passport for each covered individual).  Covered entities, on an ongoing and continuous basis, must also report any changes to such information within 30 days of any change to the reported information.   Additional information about the CTA can be found here.

K&L Gates, in partnership with the Alliance of Angels, will be hosting a workshop that will explain the requirements of the CTA, including what entities are covered by the CTA, who has obligations to report the information, what information must be reported and how to protect the confidentiality of this information. 

The workshop will be held in the office of K&L Gates in Seattle at 11:00am PT on March 11 and is also available for streaming. Register here to reserve your spot.

Gary Kocher, a partner at K&L Gates LLP, will host the workshop and looks forward to answering any questions you have on the CTA.   Gary has over 30 years of experience working with high growth companies, founders and angel and other investors on business formation issues and a wide range of transactions, including financings, strategic partnerships and acquisitions, intellectual property creation and protection, and exit transactions.  He is a member of the Angel Capital Association’s Legal Advisory Council and regularly works with many of the ACA member groups.