CTA Compliance

The Corporate Transparency Act requires all entities, existing and new, to register and update information about the beneficial owners of the entity on the FinCEN database. 

As part of creating and registering any entities for you, we will advise on and file your initial FinCEN reporting for you according to the information that you have provided to us. However, you must create your own FinCEN account and get a FinCEN ID number before we file. LayRoots is not responsible for the accuracy of the information you provide to us.

We recommend that you do this as soon as possible to make your life easier. LayRoots is not responsible for any updates on FinCEN or for any information that you have provided to us that is incorrect. You are responsible for correcting and updating your own information and the information for your reporting company. LayRoots is also not responsible for ensuring that you registered for your FinCEN account and received an ID number. 

For example, if you choose to no longer have your trust and change the ownership of your entity, you will be responsible for updating that information.

If you have questions about whether a change in your life or situation requires an update to your beneficial ownership information, and you are a current client with us, then do not hesitate to ask us. We will answer questions to the best of our abilities. That said, you understand and acknowledge that we will not be sending you reminders about your FinCEN responsibilities – you will be responsible for this just like you are responsible for your taxes.