Corporate Transparency Law Challenged Again, This Time in Maine

A Maine resident is suing the Treasury Department, arguing that the Corporate Transparency Act and its beneficial ownership requirements are unconstitutional.

Cumberland, Maine resident William Boyle owns 90% of the membership interests of Loon Island, LLC and King Pines, LLC, two limited liability companies that own real estate in the state and “engage in exclusively intrastate commerce,” according to the complaint filed March 15 in US District Court for the District of Maine.

As of Jan. 1, companies created before this year are required to report their beneficial ownership—the identities and other information about the people who control the business—under ...