Congress recently passed the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act to enhance national security, intelligence, and law enforcement efforts against money laundering, terrorism financing, and illicit activities. It does so by establishing a national registry of beneficial ownership details for "reporting companies." Although the CTA largely applies to foreign-owned shell companies, domestic companies should review the definition of a "reporting company" to confirm whether they qualify for any exceptions. Today, father-and-son duo Garrett Sutton and Ted Sutton give golden nuggets on this new law that nobody seems to be talking about. Garrett is a corporate attorney, asset protection expert, and bestselling author, while his son, Ted, is a licensed attorney. Tune in to understand the CTA better and save your company from unnecessary penalties.
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