The Corporate Transparency Act, federal law aimed at curbing money laundering, will no longer allow limited liability companies to conceal ownership interests. This change will apply to 32.6 million private companies, including small businesses, startups, and foreign entities with US primary locations, making compliance challenging. Large companies with a physical U.S. office, more than 20 U.S.-based employees and that report $5 million or more in U.S. income on their taxes qualify for a “large company exemption.” Technology Partner David Sikes said this exemption is the most tricky, as it’s not clear whether fully remote companies or companies operating out of co-working spaces would qualify. “Part of the reason why there’s been such urgency within the industry to make sure people understand the obligations here is because we are talking about just a mountain of filings that are going to be required. And so the preliminary cut on whether or not your exempt can be helpful,” Sikes said to Law.com.