The Corporate Transparency Act (CTA) requires businesses to file one to three different kinds of reports. They are:
Initial Reports – These will be the first reports that an entity files. It will contain information about the business, its beneficial owner(s) and the person/people who formed the entity.
Updated Reports – If/when there are any changes to any information contained in the initial report, a company must file an updated report within 30 days of its knowledge of the change.
Corrected Reports – If a company discovers that any of the information it submitted is inaccurate, it must file a corrected report within 30 days of its discovery of the accurate information.
