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The Corporate Transparency Act (“CTA”) is a federal law that was initially enacted in 2021 to prevent fraud and money laundering. Effective January 1, 2024, there are new reporting requirements regarding ownership under the CTA for certain types of corporate entities (arguably including condominium and homeowner associations).

The CTA defines a “domestic reporting company” as “a corporation, limited liability company, and any other entity created by the filing of a document with a secretary of state or any similar office in the United States.”Although unclear, this definition appears to incorporate all condominium and homeowner associations incorporated with the State of
Continue Reading Illinois Corporate Transparency Act – Do Condos and HOAs Have to Comply?

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