"Small Businesses Across Multiple States Face New Reporting Requirements"

Most Alabama small businesses are now required to disclose ownership information to the federal government under the Corporate Transparency Act, with exemptions for larger entities. The new law aims to prevent money laundering but has raised concerns among small business owners about the burden of compliance, potential penalties, and the need for constant updates on ownership changes. The law has sparked worries and additional costs for small businesses, with many questioning who will take responsibility for filing and monitoring the required disclosures.