The Corporate Transparency Act and what it means to your worker co-op
The Beneficial Ownership Information program, requires reporting on business owners and individuals who exercise significant control over a business. For businesses that are not cooperatives, this is a relatively straightforward reporting requirement for the owner(s) of the business. Because cooperatives have a broad-based ownership model, it is not clear currently who exactly within the business ownership needs to report. For worker cooperatives, this can be especially tricky to understand.