Arizona small business owners are now required to file more information with the federal government, courtesy of the Corporate Transparency Act.Some owners leave their personal identities out of their companies to limit the risks and liabilities, while others simply prefer the privacy that LLCs offer.
The information for filing is on federal websites, but Paul says business owners were never directly told by the government about the latest change."I think if you are somebody that engages with lawyers or CPAs you probably would have heard about it through them, but there's been no official channel about it at all," he stated.
She also said larger corporations won't be affected by this new law, because they are already heavily regulated. "A lot of companies, their members are other companies. So you have to kind of follow the paper trail as to find out who the owner, the actual individual is of that company," she said.