![]() ![]() ![]() 1, 2024, reporting companies must also disclose the identity of "applicants" - defined as any individual who files an application to form a corporation, LLC, or other similar entity. Under the act, which Congress passed as an anti-money-laundering initiative in 2021, reporting companies, defined as corporations, limited liability companies (LLCs), and similar entities, must disclose the identity and information about beneficial owners of the entities. The act "exceeds the Constitution's limits on the legislative branch and lacks a sufficient nexus to any numerated power to be a necessary or proper means of achieving Congress' policy goals," the opinion said. While the legislation may have "sensible and praiseworthy ends," the court stated in its opinion, the government's arguments that Congress has "the power to regulate millions of entities and their stakeholders the moment they obtain a formal corporate status" from a state "are not supported by precedent." ![]() One plaintiff, the National Small Business Association, has over 65,000 members. The district court granted the plaintiffs' motion for summary judgment Friday in the case of National Small Business United v. 116-283, which requires the reporting of beneficial ownership information (BOI) by businesses, is unconstitutional. A federal district court in Alabama held that the Corporate Transparency Act (CTA), P.L. ![]()
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