Corporate Transparency Act -- It is not just for Corporations
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Corporate Transparency Act -- It is not just for Corporations The following information will not apply to most investment clubs, but there may be a few to which it does apply. If your investment club is a partnership formed without a state requirement to file the partnership agreement or other applications with secretary of state, corporation commission, or similar state agency, then the CTA does not apply. If your investment club operates as a legal entity in the form of a corporation, limited liability corporation, or otherwise created by the filing a document with the secretary of state or similar office in your state, then the entity is a "Domestic Reporting Company" per the terms of the act. If you are subject to the act, there are reporting requirements pertaining to ownership that you need to learn about and act upon. I post this message because over the years I have read some messages where the investment club was described as a partnership that was created by filing papers with an agency of the state of residence of the partnership or was a limited liability corporation. Cheers, Jack The foregoing is not legal advice, and any questions should be referred to an appropriate professional. |
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