The Corporate Transparency Act: An Overview of the Impact on Private Funds

What is the purpose of the Corporate Transparency Act (“CTA”)? Effective as of January 1, 2024, the Corporate Transparency Act (“CTA”) imposed new federal reporting obligations on certain companies, including potentially private fund managers, to provide beneficial ownership information (“BOI”) to the federal government. A “beneficial owner” is everyone who directly or indirectly exercises substantial control or owns or controls 25% or more of the ownership interests of a reporting company……
By: Foley Hoag LLP