The Corporate Transparency Act, passed by Congress in 2021, is designed to prevent money laundering, corrupt financial transactions and financial terrorism. The act requires millions of small businesses, including LLCs, corporations and limited partnerships to begin filing new reports to disclose their beneficial owners in 2024. Companies created after Jan. 1, 2024 must file within 30 calendar days of receiving actual or public notice from the state’s secretary, Sobba says.