Corporate Transparency Act – Reporting Requirements Reinstated

The date of this alert is February 20, 2025. A little bit of background is needed. Two federal courts issued nationwide injunctions staying the requirement under the Corporate Transparency Act (the “Act”) that all small business are to submit a Beneficial Ownership Interest report (“BOI”). The U.S. Supreme Court ruled on January 23, 2025 that one of the court’s nationwide injunctions should be stayed. However, the filing of the BOI was still stayed due to the other court’s ruling. Well, on February 17, 2025, this other federal court ruled that its nationwide injunction should also be stayed based on the earlier ruling of the U.S. Supreme Court. Please note that the cases dealing with the constitutionality of the Act are still pending and no final ruling has been entered. So, these matters have not yet been fully and finally resolved but at least we have guidance on how to move forward as of today.

Practically, what does all of this legal mumbo jumbo mean to you? Any company that was required to previously submit a BOI but the original filled date has passed, the BOI report now has to be submitted on or prior to March 21, 2025. So, all companies that were in existence on or prior to February 20, 2025 and the company has not yet submitted the BOI, the company now has to submit the BOI on or prior to March 21, 2025. For companies created on or after February 21, 2025, the Act requires that the company submit the BOI within 30 days of the date that the company was created based on the organization/incorporation date in the records of the Ohio Secretary of State. Do not hesitate to be in contact with any questions pertaining to these matters.

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Chris Corpus

Founding Partner at Corpus Law Inc

This article does not provide legal advice or create an attorney-client relationship. If you have any questions or would like to learn more about this topic or if you have other legal questions, do not hesitate to contact Chris Corpus, Esq. of Corpus Law Inc at 216-973-2475. Copyright Christopher A. Corpus 2025.