The Notary Coach Blog
For Notary Entrepreneurs
$500 Per Day Penalty: How the Corporate Transparency Act May Affect Notary Entrepreneurs in 2024 and Beyond
***This article has been updated with a court decision as of December 23, 2024. Update is located at the end.
Reporting Deadline Extended to January 13, 2025
Maybe you’ve heard of the Corporate Transparency Act. I had heard it, but I’ve been ignoring it because when I hear the word “corporate,” I think big business.Â
I was wrong.Â
As the government combats terrorism, money laundering, and other illegal activities, the Corporate Transparency Act is designed precisely to gain ownership information of small, mom & pop, or single person companies, or solo-preneurs.Â
This is us, notaries!Â
In many cases, notaries public who are doing business as an LLC, corporation, partnership, a fictitious name, or other registered entities will have to comply with the Corporate Transparency Act.Â
If we don’t file the information on time, by January 13, 2025, we may be subject to fines of $500 per day (and maybe even jail time!).Â
And if you’re thinking, “Oh well, what’s $500? Small price to pay.”...
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