Recent legislation may apply to your farm business entity. Review the OSU Farm Office blog post: Corporate Transparency Act reporting deadline remains January 1, 2025 | Farm Office with information about the Corporate Transparency Act that applies to “any domestic or foreign corporation, limited liability company, or any other entity that is formed or registered to do business in a U.S. state.” A few key highlights of this article:
- The Corporate Transparency Act (“CTA”), enacted in 2021, requires “reporting companies” to file documents with the federal government indicating beneficial ownership information (BOI) for the business.
- Despite the ongoing litigation, however, the initial filing deadline of January 1, 2025 remains in effect for businesses subject to the CTA.
- “Reporting companies” subject to the CTA includes any domestic or foreign corporation, limited liability company, or any other entity that is formed or registered to do business in a U.S. state by filing a document with the secretary of state or other similar office.
- Many farming entities should be uniquely aware of the new BOI reporting obligations of the CTA. The CTA does not have specific industry exemptions for agriculture but takes a broad sweep at any entity that may be formed as a shell company. However, notable exceptions to the mandates of the CTA that affect farming entities include sole proprietorships and general partnerships, which are exempt from CTA because they are not required to register with Ohio’s Secretary of State.
Review the entire article at: Corporate Transparency Act reporting deadline remains January 1, 2025 | Farm Office