Yesterday, the Illinois Chamber of Commerce, Illinois Manufacturers Association, Illinois Retail Merchants Association, and Chicagoland Chamber hosted a webinar with Secretary of State Alexi Giannoulias on the Corporate Transparency Act.

The new CTA will have a sizable impact on thousands of small businesses in Illinois and across the United States who must file certain beneficial ownership information or face government penalties.

The CTA requires certain businesses, known as non-exempt reporting companies, to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). It was created in an effort to prevent terrorist financing, money-laundering, or illegal activity that may often be hidden through shell company structures.

The new law took effect on January 1, 2024, with the first reporting by companies by January 1, 2025. Newly created companies have 90 days after creation with the Secretary of State’s Office to file their initial BOIR reports.

We appreciate the work of our business partners and the Secretary of State for hosting this event and appreciate all of our member companies who were able to attend.

If you were unable to join yesterday's session, please view the materials below.

View the full webinar recording here.

View the Secretary of State's presentation here.

Illinois Chamber of Commerce

215 E. Adams St., Springfield IL

217-522-5512

Illinois Chamber of Commerce (ilchamber.org)