The Corporate Transparency Act (CTA) requires millions of U.S. businesses — including those registered in New Jersey — to report beneficial ownership information to FinCEN. Failure to comply can result in significant civil and criminal penalties.

Under the CTA, most LLCs, corporations, and similar entities formed or registered in the United States must file a Beneficial Ownership Information (BOI) report identifying individuals who own or control at least 25% of the entity or exercise substantial control over it. New Jersey businesses formed before January 1, 2024 had until January 1, 2025 to file. Companies formed in 2024 must file within 90 days of formation, while those formed in 2025 or later have just 30 days.

Non-compliance carries penalties of up to $591 per day in civil fines and potential criminal liability. Many small business owners are unaware of these obligations or uncertain whether their entity qualifies for an exemption. At Ahmad & Hussain Law Group, we assist New Jersey business owners in assessing their CTA obligations, preparing accurate BOI reports, and ensuring ongoing compliance as ownership structures evolve.