(MENAFN- PR Newswire)
The new functionality expands Ontra's best-in-class entity management solution.
SAN FRANCISCO, Oct. 23, 2024 /PRNewswire/ -- Ontra , the leading provider of AI-powered legal technology solutions for private capital investment firms, today announced the launch of automated Corporate Transparency Act (CTA) filing in Atlas, its AI-powered entity management solution.
"Private funds managers are telling us the CTA is one of their most pressing compliance concerns," said Ontra CEO and founder Troy Pospisil. "Facilitating CTA compliance with manual workflows imposes additional resource and cost burdens at a time when firms must do more with less to maintain margins in a challenging operating environment."
Automated CTA filing is the latest way Atlas supports fund managers in complying with beneficial ownership filing requirements:
Organize and manage beneficial ownership information
for all entities in an AI-enabled single source of truth
Designate which entities require CTA filings and which are exempt
Quickly reference key identity details required for reporting
Make updates
to beneficial ownership information that automatically apply across entities and structures
Automate CTA filing
with a single click
Corporate Transparency Act compliance demands a scalable solution. The CTA's filing requirements for new entities took effect earlier this year, and on January 1, 2025, all pre-2024 non-exempt entities must file within 30 days of formation or a change in beneficial ownership. Noncompliance can result in steep penalties, including civil fines. With Atlas, Ontra's customers can manage CTA filings using fewer internal resources and less reliance on expensive outside counsel.
Atlas is an AI-powered entity management solution purpose-built for private equity and asset managers. It uses automated workflows to help firms organize, manage, and share entity data, structure charts, and associated legal documents needed for managing a firm or fund.
About Ontra
Ontra is the global leader in AI-powered legal technology solutions for private capital investment firms. Ontra's private markets technology platform combines AI-enabled software with a worldwide network of highly trained professionals to digitize recurring legal workflows across the full fund lifecycle and comprises Contract Automation, Insight, and Atlas. Ontra works with the world's leading investment banks, private equity and venture capital firms, direct lenders, law firms, and service providers to reduce the time, expense, and risk associated with contract and fund management.
Ontra is headquartered in San Francisco, with global operations across North America, Europe, and Asia. Learn more at .
Media Contact:
Ryan Duke
[email protected]
SOURCE Ontra
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