Co-op "Beneficial Owner" Reporting Under Corporate Transparency Act With Alix Devendra

The Anti-Money Laundering Act of 2020 established the Corporate Transparency Act (CTA), which requires the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) to establish and maintain a national registry of “beneficial owners” of entities that are considered to be “reporting companies.” Information collected pursuant to the CTA will be stored in a private database. FinCEN issued a final rule on September 29, 2022, to implement the CTA’s reporting requirements. The effective date of the final rule is January 1, 2024. Reporting companies that are formed on or after January 1, 2024, must file an initial report with FinCEN within thirty days of their formation. Existing entities will be required to report by January 1, 2025. In this webinar, attorney Alexandra (Alix) Devendra will provide an overview of the CTA, including the entities and individuals required to provide beneficial ownership information (and “company applicant” information); the steps that attorneys should advise clients to take to ensure initial and ongoing compliance; penalties for noncompliance; provisions that should be included in operating agreements or other governing documents; and what should be spelled out in attorneys’ engagement letters. MCLE provided in California.

Alexandra (Alix) Devendra is the founder of Aligned Law, a Portland, Oregon-based law firm serving cooperatives and other purpose-driven businesses across California, Oregon and Washington. She was inspired to start the firm when she realized that innovative and heart-centered entrepreneurs need lawyers who understand the paradigm shift happening in our economy. Alix has served clients in many different capacities from advising start-ups on business formation to negotiating the purchase or sale of businesses, and everything in between (contracts, trademarks, etc.). Through her work at Aligned Law, Alix has developed a niche serving cooperative businesses, and especially worker cooperatives. She is a legal fellow with the Sustainable Economies Law Center and she often serves co-op clients in collaboration with technical assistance providers such as the Northwest Cooperative Development Center and the U.S. Federation of Worker Cooperatives. Alix volunteers with many professional organizations including serving on the board of Shared Capital Cooperative and serving as treasurer of the Cooperative Professionals Guild.