HIGH PRIORITY: Small Businesses must comply with new federal mandatory disclosure laws or face steep fines or imprisonment

Small businesses will now be required to disclose all “beneficial owners” to a newly-created law enforcement agency or face daily penalties or possible imprisonment. The new reporting scheme is largely unprecedented. The reporting requirements themselves are not extensive, but the constancy of updating disclosures will likely chill business formation.

Blog, CommentaryTripp WatsonApril 25, 2023The Watson Firm | The Entrepreneur’s Law Firmbusiness, small business, compliance, Corporate Transparency Act, business law, birmingham, alabama, Birmingham alabama, Jefferson County, Jefferson County Alabama, disclosures, mandatory disclosuresComment