On October 23, 2023, colleague Andrew Weiner and Kevin Gaunt, counsel at Hunton Andrews Kurth, examined the Company Transparency Act (CTA), efficient Jan. 1, 2024, and its impression on actual property entities and transactions, together with who is taken into account a reporting firm topic to new helpful possession data (BOI) reporting necessities and whether or not an exemption applies. The panel additionally mentioned sure state legal guidelines that impose comparable reporting necessities because the CTA and described finest practices for actual property counsel to help their purchasers with getting ready for the CTA’s implementation and ongoing compliance.
The panel additionally reviewed different essential issues, together with:
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Which actual property entities will seemingly be most affected by the CTA’s implementation and why?
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What exemptions could apply?
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How will the CTA’s reporting necessities have an effect on actual property transactions for lenders and traders/patrons?
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How will BOI be saved and who could have entry to the data?
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What state legal guidelines ought to actual property counsel pay attention to which have comparable reporting necessities because the CTA?
