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The Corporate Transparency Act (“CTA”) went into effect on Jan. 1, 2024, and it applies to millions of small businesses. The introductory paragraph to the CTA in H.R. 2513 states that the purpose of the new law is “To ensure that persons who form corporations or limited liability companies in the United States disclose the beneficial owners of those corporations or limited liability companies, in order to prevent wrongdoers from exploiting United States corporations and limited liability companies for criminal gain, to assist law enforcement in detecting, preventing, and punishing terrorism, money laundering, and other misconduct involving United States corporations and limited liability companies, and for other purposes.”