What Coops & Condos Need to Know about the Corporate Transparency Act (CTA)

July 23, 2024 at 7:00pmNext Week
Mark A. Limardo, Andrew B. Freedland, Michael Wolfe

Join Herrick partners Andrew B. Freedland and Mark Limardo in conversation with Michael Wolfe, CNYC board member, Chair of REBNY's Residential Management Council and President of Wolfe Realty Services, on what condominium and cooperative boards need to know about the Corporate Transparency Act.

For the first time in U.S. history, the federal Corporate Transparency Act ("CTA") requires all business entities formed or registered to do business in the United States to disclose information about their ownership structure – this includes condominiums and cooperatives. Under the CTA, a business entity must report to the U.S. Department of the Treasury (FinCEN) personal identifying information about its existing ultimate beneficial owners, executives and other control individuals and update this reporting when any previously reported information changes. The new CTA reporting requirements have no cut-off date, applying to all business entities regardless of when formed.

Click here for Herrick's Corporate Transparency Act Resource Center.

The Corporate Transparency Act (CTA) has significant implications for condo and cooperative boards such as the following:

  • Beneficial Ownership Reporting Requirements
  • Compliance Deadlines
  • Penalties for Non-Compliance
  • Updates and Changes
  • Confidentiality and Security

The Herrick team is here to help boards understand what needs to be done and by what deadlines. By understanding these key points, condo and cooperative boards can better navigate the requirements of the Corporate Transparency Act and maintain compliance with federal regulations.

Michael Wolfe

Owner/President - Wolfe Realty Services LLC
With over four decades of dedicated service in the real estate industry, Michael’s journey began in 1986 when he embarked on his third-party property management career at Midboro Management and steering its course for nearly 35 years. A licensed real estate and insurance broker, Michael's credentials further underscore his deep-seated expertise in the field. Additionally, as a New York State Certified Instructor in Real Estate, he has contributed to shaping the next generation of industry professionals. Michael's influence extends beyond the confines of his business as he assumes pivotal roles such as Chair of The Real Estate Board of New York’s (REBNY) Residential Management Council and Board Member of the Council of New York Cooperatives and Condominiums (CNYC). His involvement with Union 32BJ’s educational board and instructor further exemplifies his commitment to continuous learning and development within the industry. Today, Michael channels his wealth of experience and knowledge into advising Co-op/Condo Boards, Owners, Contractors, and Industry Related Professionals, offering comprehensive guidance across all aspects of property management. Through his consultancy, Wolfe Realty Services, he continues to make a profound impact, helping clients achieve their objectives and navigate the dynamic landscape of real estate with confidence.

Mark A. Limardo
Partner - Herrick
Mark spearheads Herrick's Corporate Transparency Act (CTA) working group, providing counsel to businesses and individuals on the broad disclosure obligations under the CTA. He is experienced in advising on CTA requirements and exemptions, filing beneficial ownership information reports (BOI Reports), developing internal procedures to monitor ongoing compliance with the CTA and potential penalties for failure to comply with the CTA. Mark is a frequent author and speaker on the CTA. Mark is a frequent lecturer at business and legal seminars.

Andrew B. Freedland
Partner - Herrick
Andrew Freedland is a partner in Herrick's Real Estate Department where he focuses his practice on real estate and cooperative and condominium law. Andrew's practice focuses on the representation and counseling of purchasers and sellers of commercial and residential real estate, lenders, condominiums, cooperatives and sponsors/developers. As part of his practice, he represents property owners and operators in a wide variety of real estate related issues, including leasing, financing, acquisition and sale of both residential and commercial property. He is also counsel to numerous cooperative and condominium buildings throughout New York City.