What Is a Certified B Corporation? Certified B Corporations are for-profit entities that exhibit world-class standards for sustainability, transparency and accountability. These standards are audited periodically by the independent industry standard organization, B Lab. B Corp Certification can be likened to Fairtrade or USDA organic certification for products such as bananas or milk. The difference […]
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What is A DUNS Number? DUNS stands for the “Data Universal Numbering System”. The DUNS Number was created by data services company Dun & Bradstreet (D&B), and is designed to mimic the personal credit reporting system but for commercial businesses. Lenders widely recognize the system as the universal standard for establishing the creditworthiness of companies. […]
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What Is A Beneficial Ownership Information Report (BOIR)? Starting in 2024, U.S. businesses need to submit Beneficial Ownership Information to FinCEN. These reports include personal information about significant people involved in the company, including owners and managers. CTAboi.com has a Complete Guide to Beneficial Ownership Information Reporting (BOIR) Imagine you are an FBI agent investigating […]
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What are Beneficial Ownership Information Reporting Requirements? Starting from January 1st, 2024, both new and existing business entities must file Beneficial Ownership Information (BOI) reports with FinCEN. This includes most LLCs and corporations formed in the U.S. These reporting requirements were introduced as part of the Corporate Transparency Act, a federal law that combats illegal […]
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What Is An Individual Tax Identification Number (ITIN)? Individual Tax Identification Numbers, or ITINs, are a type of unique tax ID number assigned by the IRS to individuals who need to pay taxes in the United States, but who are not eligible for a US Social Security Number. People who are typically eligible to obtain […]
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What Is A Subsidiary Company? A “subsidiary company” refers to a business that is wholly or majority owned by another company. The company that owns a subsidiary is often called a “parent” or “holding” company. A subsidiary company is typically a separate business with its own team in charge of daily operations. However, the parent […]
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