The Corporate Transparency Act (CTA) has garnered much attention for its impact on business owners, leading attorneys to invest numerous hours in continuing legal education (CLE) sessions to grasp its implications for their clients. These sessions typically address questions like whether the client is a reporting company, who the beneficial owners are and what information needs to be reported.

While these aspects are critical for clients’ businesses, they don’t directly influence the daily operations of attorneys or their law firms. The most salient element of the CTA for legal practitioners is the definition of the “company applicant” and the required disclosure that this individual is mandated to provide.