Article Date:
March 2021

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Congress Passes Corporate Transparency Act: What It Means for You

In most states, you need to provide more identification to obtain a library card than to form a business entity.


This is no exaggeration. Most states allow you to easily form an anonymous limited liability company (LLC) or corporation without revealing the identities of the people who profit from its existence or control its activities—the “beneficial owners.”


To establish the entity, all you have to do is have an organizer sign the articles of incorporation, certificate of formation, or other document you need to file with the secretary of state or similar state agency. The organizer can be an attorney, an LLC or corporate formation firm, or another person with no ownership stake in the entity.


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