Beneficial Ownership Explained (Corporate Transparency Act)

This video explains what it means to be a “beneficial owner” under the Corporate Transparency Act. If you meet the beneficial ownership requirements, you will need to report your information to FinCEN.

The first type of beneficial ownership relates to ownership interests. This can be owning stocks in a corporation, a general partner in limited partnerships, or even owning convertible instruments!

The second type of beneficial ownership relates to management. If you have “substantial control” or you exercise “substantial influence” over the company, you will still need to report your information to FinCEN. This can even apply to the trustee of a trust.

However, there are some exceptions to the beneficial ownership requirement. This is so, if you are an intermediary, or even a creditor.

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DISCLAIMER: The contents of this video are NOT LEGAL ADVICE and do not apply to your specific circumstances. This information is provided for general informational and educational purposes only. Viewing this video DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. We highly encourage you to seek professional legal advice before acting or relying on any information contained in this video.