Reporting Companies, Exemptions and Beneficial Ownership Reporting (webinar) — Gravel2Gavel Construction & Real Estate Law Blog — October 30, 2023

On October 23, 2023, colleague Andrew Weiner and Kevin Gaunt, counsel at Hunton Andrews Kurth, examined the Corporate Transparency Act (CTA), effective Jan. 1, 2024, and its impact on real estate entities and transactions, including who is considered a reporting company subject to new beneficial ownership information (BOI) reporting requirements and whether an exemption applies. The panel also discussed certain state laws that impose similar reporting requirements as the CTA and described best practices for real estate counsel to assist their clients with preparing for the CTA’s implementation and ongoing compliance.

The panel also reviewed other important considerations, including:

1. Which real estate entities will likely be most affected by the CTA’s implementation and why?

2. What exemptions may apply?

3. How will the CTA’s reporting requirements affect real estate transactions for lenders and investors/buyers?

4. How will BOI be stored and who will have access to the information?

5. What state laws should real estate counsel be aware of that have similar reporting requirements as the CTA?

Story originally seen here