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A new law called the Corporate Transparency Act (CTA) goes into effect on January 1, 2024. Under this law, owners of certain business entities must file a specific report with the federal government. In it, they must include details about the ownership of their entity...If you have an entity (corporation, LLC, family limited partnership, etc.) as part of your existing estate plan, read on for important information about how to comply with this new law.

There are many similarities between S corporations and LLCs, and either may be preferable to operating as a regular C corporation or a partnership.

The LLC is quickly becoming the entity-type of choice among many small and medium-sized businesses. However, some business owners are still more comfortable with the more traditional S corporation, which provides many of the same benefits as an LLC.