US Congress passes beneficial ownership law

The US Senate, on 11 December [2020], voted through law compelling US companies and limited liability partnerships (LLPs) to disclose their natural person beneficial owners at a 25% threshold, or those who exercise substantial control over the entity, to a non-public register. The long-awaited Corporate Transparency Act (CTA) will cover both the more than two million new US entities created each year as well as those that already exist.