Note: the Corporate Transparency Act has had several materials changes since it's initial implementation, and both its rules and enforcement are in flux. Please refer to our latest CTA news for the most up to date information, which supercedes the below.

As part of the Corporate Transparency Act, minor children who are Beneficial Owners qualify for an exemption from filing. However, the reporting company must instead report information about the parent or legal guardian of the minor child.

When the minor child reaches the age of majority (becomes an adult), as defined by the law of the State or Indian tribe in which the reporting company was created or first registered the exception no longer applies. At that time, if the individual is a Beneficial Owner, the reporting company must file an updated BOI report providing the individual’s own information.