(North Fulton Business Radio, Episode 457)
Jonathan Wilson, a practicing business attorney and Founder and CEO of FinCEN Report Company, joined host John Ray to share critical information for business owners about new regulations on the horizon for reporting Beneficial Ownership Reports under the Corporate Transparency Act. Jonathan explained what the law is, the reporting that will be required, why it affects thousands of companies nationwide (even single-member LLCs), how FinCEN Report Company is addressing the needs of business owners under this new law, and much more.
FinCEN Report Company
FinCEN Report Company was founded by corporate lawyers and experienced technology company executives to help companies file beneficial ownership reports with FinCEN, the U.S. Treasury Department’s Financial Crimes Enforcement Network.
Backed by investors that include senior partners at major U.S. law firms, the Company is preparing the first-to-market secure data storage and collaboration solution for the Corporate Transparency Act.
Their CTA Compliance Hub will allow companies and their attorneys to create free accounts for their individual data and then collaborate securely to prepare beneficial ownership reports. Each reporting company will pay a subscription fee at the time it files its initial beneficial ownership report. That annual subscription fee will cover the initial report and any subsequent amendments the company may make in the following year.
Jonathan Wilson, Founder and CEO, FinCEN Report Company
Jonathan B. Wilson is an experienced business lawyer who enjoys solving complex business and transactional problems for clients. He applies his more than 25 years of experience as an in-house lawyer, business adviser and strategist to help business executives and owners achieve negotiated solutions to technology and financial transactions.
Mr. Wilson was the general counsel or chief legal officer of Interland Inc., Web.com Group Inc. and EasyLink Services International Corp., where he advised senior management and the boards of directors on U.S. Securities and Exchange Commission (SEC) reporting, NASDAQ compliance, Sarbanes-Oxley matters, corporate governance, governmental affairs, contracts, litigation, intellectual property and mergers and acquisitions.
Mr. Wilson led Web.com’s legal department through its growth and merger with Website Pros Inc. in September 2007, at various times acting as the corporate secretary and the executive in charge of corporate development.
Mr. Wilson spent the first 10 years of his career in private practice with large Atlanta law firms, including a leading international firm and one of the nation’s most prestigious corporate firms.
Mr. Wilson has represented both large and small companies in outsourcing, patent licensing, software licensing, distribution, and strategic alliance agreements.
In 2009, Mr. Wilson founded the Renewable Energy Committee of the American Bar Association’s Public Utility Section, and he chaired that committee, writing and speaking frequently on renewable energy and clean technology development through 2015.
Questions and Topics in this Interview:
- The new Corporate Transparency Act will dramatically change the way companies and their investors interact.
- This new law is meant to give the U.S. Treasury greater power to prevent and to prosecute money laundering.
- Under the CTA, 25 million U.S. companies will need to file a beneficial ownership report with FinCEN – the Financial Crimes Enforcement Network of the U.S. Treasury Department.
- Each beneficial ownership report will need to disclose personally-identifiable information about the lawyer who formed the company and each of the company’s beneficial owners.
- Complying with this law will be a challenge for business lawyers and their lawyers.
- FinCEN Report Company is the only online compliance solution that enables secure data storage, collaboration, and report filing.
North Fulton Business Radio is hosted by John Ray and broadcast and produced from the North Fulton studio of Business RadioX® inside Renasant Bank in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, Stitcher, TuneIn, and others.
Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with over $13 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.
Special thanks to A&S Culinary Concepts for their support of this edition of North Fulton Business Radio. A&S Culinary Concepts, based in Johns Creek, is an award-winning culinary studio, celebrated for corporate catering, corporate team building, Big Green Egg Boot Camps, and private group events. They also provide oven-ready, cooked from scratch meals to go they call “Let Us Cook for You.” To see their menus and events, go to their website or call 678-336-9196.