Posted 4/8/2024, 7:00:00 PM
New Law Requires Businesses to Disclose Owners to Government, Drawing Debate on Privacy vs. Security
- The Corporate Transparency Act requires businesses to report their beneficial owners to the government to root out potential bad actors
- Opponents argue it is unconstitutional government overreach that violates privacy
- Supporters say it is necessary for security and the data is already accessible anyway
- Compliance is easy - it takes less than 20 minutes for most small businesses
- It mainly impacts tiny, faceless, nameless, potentially shady shell companies, which is why it was passed